New York City Comptroller Brad Lander accused BlackRock of “backtracking on its climate commitments” in a letter to the asset manager Wednesday — “to the detriment of its portfolio, New York City’s pension funds, and our planet.”
Lander is asking BlackRock to publish an implementation plan that clarifies its commitment to achieving net zero across its entire portfolio, with concrete steps, a timeline and the methods it will use to regularly report on Scope 1, 2 and 3 emissions for all of its assets.
He also wants the asset manager to “provide a detailed approach to keeping fossil fuel reserves in the ground and phasing out high-emitting assets,” he wrote Wednesday, and to “support climate action through transparent corporate engagement that requires disclosure of climate-related lobbying, works to end lending and insurance for new fossil fuel supply projects, and pushes for science-based targets at portfolio companies.”
BlackRock manages roughly $43 billion in investments for three New York City pension funds, which, Lander noted, have pledged to achieve net zero portfolios by 2040.
“We cannot achieve that goal without the active alignment of our asset managers, beginning with … our largest,” Lander wrote.