New York City\u2019s far-left outgoing Comptroller Brad Lander wants three of the city\u2019s top pension funds to cut ties with BlackRock over allegations that the world\u2019s largest money manager is not doing enough to fight climate change.<\/p>\n
The pol, who unsuccessfully ran for mayor this year, blasted the Larry Fink-led firm on Wednesday for allegedly buckling to pressure from the White House and Republicans and U-turning on green investments.<\/p>\n
\u201cClimate risk is financial risk. You can see it all around you in an increased number of flash floods and wildfires,\u201d Lander, whose term ends Dec. 31, told Bloomberg<\/a>.<\/p>\n New York City Comptroller Brad Lander, who leaves office Dec. 31, has urged three top pension funds to cut ties with BlackRock over its recent green investment U-turn. REUTERS<\/p>\n The left-winger \u2014 who recently admitted he\u2019s mulling a congressional run<\/a> \u2014 accused BlackRock of scaling back \u201cclimate engagement in ways that put our investments at risk needlessly.\u201d<\/p>\n Lander urged the New York City Employees\u2019 Retirement System, Teachers\u2019 Retirement System and Board of Education Retirement System to shift their investments to rivals with a \u201cmore robust approach\u201d to combating global warming.<\/p>\n BlackRock Managing Director Armando Senra slammed the comptroller\u2019s remarks as \u201canother instance of the politicization of public pension funds, which undermines the retirement security of hardworking New Yorkers,\u201d according to a letter posted on the firm\u2019s website.<\/p>\n The Post has sought comment from BlackRock.<\/p>\n Lander also wants some of the funds to cut ties with Fidelity Investments and PanAgora Asset Management, claiming that they, too, are not doing enough to help the environment. <\/p>\n Neither has publicly commented.<\/p>\n Lander cannot actually force the pension funds to take his suggestions \u2014 trustees of each one make the final decision.<\/p>\n Lander\u2019s comments come just weeks before Zohran Mamdani takes office. The 34-year-old campaigned on a platform to make New York City more affordable. AP<\/p>\n Socialist Mayor-elect Zohran Mamdani and his appointees will get some say over the Big Apple\u2019s $300 billion pension system, Bloomberg noted.<\/p>\n After losing the Democratic primary to Mamdani, Lander became a strong backer of the capitalism-hating mayor-elect<\/a>, who takes office Jan. 1.<\/p>\n BlackRock oversees some $42.3 billion in city worker retirement funds. <\/p>\n \t\t\t\t\t\t\tStart your day with all you need to know\t\t\t\t\t\t<\/p>\n \n\t\t\t\t\t\t\tMorning Report delivers the latest news, videos, photos and more.\t\t\t\t\t\t<\/p>\n \t\t\t\t\t\tThanks for signing up!\n\t\t\t\t<\/p>\n Its assets under management worldwide hit a company record $13.46 trillion on Sept. 30, boosted by a rally in global markets and dealmaking income.<\/p>\n The money manager, like many other Wall Street firms during the Biden administration, was a lightning rod for GOP lawmakers over its stance on DEI programs and Environmental Social Governance investing, known by its acronym ESG.<\/p>\n The Securities and Exchange Commission, under President Trump-picked chair Paul Atkins, backed off on enforcing Biden-era ESG disclosure rules as part of a White House-led crackdown on \u2018woke\u2019 capitalism<\/p>\n BlackRock CEO Larry Fink drew the ire of GOP lawmakers during the Biden administration who lambasted the firm over its so-called \u2018woke\u2019 investments in ESG. REUTERS<\/p>\n At the start of the year, just before Trump took office for a second time, BlackRock <\/a>withdrew from a United Nations-backed Net Zero Asset Managers Initiative\u00a0<\/a>that aimed to pressure major corporations to reduce their carbon footprint.<\/p>\n