Comptroller Lander Challenges BlackRock on Climate Concerns

New York City Comptroller Brad Lander is pushing to re-bid $42.3 billion managed by BlackRock, citing concerns over the firm's climate policy. This move challenges BlackRock's approach under Trump-era pressures and highlights the role political dynamics play in pension fund management and climate accountability.

New York City Comptroller Brad Lander has called for a re-evaluation of $42.3 billion managed by BlackRock, accusing the firm of deprioritizing climate concerns. This unprecedented move by Lander, a Democrat, directly counters pressure from Republican fossil-fuel supporters on financial entities.

The Comptroller's recommendation, aimed at ensuring responsible investing, surfaces weeks before Mayor-elect Zohran Mamdani is set to take office. Lander's proposal demands re-bidding, citing BlackRock's fickle stance towards engaging with executives on environmental issues as an 'abdication of financial duty.'

BlackRock, the city's leading asset manager, faces scrutiny over its climate policies. Various Republicans have withdrawn their investments due to the firm's socially conscientious investment strategies. Meanwhile, environmental advocates like Richard Brooks of Stand.earth praise Lander's initiative, urging swift action from pension trustees.

(With inputs from agencies.)