WASHINGTON D.C. December 2, 2025 — The Center for International Environmental Law (CIEL) welcomes the recommendation by New York City Comptroller Brad Lander that the city’s pension systems reconsider BlackRock’s role in managing more than $42 billion in public retirement assets.
This follows a review of the asset managers serving the city’s pension funds, which found that BlackRock — along with Fidelity and PanAgora — failed to present credible decarbonization plans to manage climate risk.
Charles Slidders, Manager and Senior Attorney at the Center for International Environmental Law, issued the following statement:
“The NYC Comptroller’s recommendation underscores that safeguarding workers’ retirement must be guided by science, not politics. There is ample evidence that fossil fuels are driving the climate crisis, along with growing material financial risks. Pension plan managers have a duty to hold their asset managers to standards that reflect those realities or move their money elsewhere. For asset managers entrusted with securing workers’ future, this sends a clear message: it is not possible to effectively address climate risk while investing in the fossil fuel industries that are causing it.
“The NYC Comptroller’s move signals the reality that climate change is a systemic threat to the long-term value of pension funds. The financial security of generations of families who rely on public pensions cannot be protected while retirement savings remain invested in the industries propelling the climate crisis. Climate risk is a material financial risk driven by fossil fuels. Pension plan managers have a fiduciary duty to protect the pensions of both current and future beneficiaries. Investment decisions must account for the long-term value of pension funds to protect intergenerational equity. Accordingly, asset managers must fully integrate climate considerations into their investment strategies.”
Media Contact
Alexandra Colón-Amil, CIEL Communications Campaign Specialist: [email protected]