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Public public retirement funds from New York are ready to abandon asset managers who do not comply with his climate plans, his Brad Lander controller will notify today, in a decision that could put industry giants such as BlackRock under renewed pressure on sustainable investment.
Lander, who presents himself for the mayor of New York, aims to note the asset managers that he will require credible transition plans aligned on his goal of reaching Net Zero by 2040.
The New York controller acts as a goalkeeper and trustee for five main pension funds collectively managing around $ 284 billion. Blackrock manages about $ 19 billion for the New York employee retirement system (Nycers), according to the Lander office.
Managers who fail to provide exploitable plans on emissions may be invited to retract the mandate to manage funds, he should say, opening the door to rivals to win the company.
Nycers, the teacher's retirement system and the Board of Education retirement system are among the pension plans that should support the measure. They could seek to reappear contracts for asset managers who do not comply this summer, a person familiar with the discussions said.
The controller should assess the references of asset managers based on the disclosure of emissions from the whole supply chain – including emissions from scope 3, a wider measure which includes business emissions with third parties.
Managers should also be tried according to their wider investment portfolios, beyond the money they manage for New York pension funds.
This is not the first time that the controller has put pressure on American banks and asset managers such as BlackRock on climate problems, and has opened the way among the big cities setting up a fossil fuel disinvestment policy.
Last year, he failed to seek to Block the election of the Saudi Managing Director of Aramco Amin Nasser On the Board of Directors of Blackrock, on the grounds that his role at the head of the oil and gas producer was “incompatible” with the climate action and the own commitments of BlackRock.
Coming in the context of a decline in climatic targets under the Trump administration after cuts to a group of federal agencies, New York tried to hold the ground.
Last year, Nycers concluded an agreement with JPMorgan, Citi and the Royal Bank of Canada to disclose their energy financing ratio specific to the financing of fossil fuels reported his intention to put pressure for a new climate action During meetings of banking shareholders this year.
