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New York City’s pension system, the largest in the state, is facing a potential shakeup. Outgoing Comptroller Brad Lander is advocating for divesting from BlackRock, the world’s largest asset manager. Lander argues BlackRock isn’t adequately addressing climate change risks within its investment portfolio. He believes BlackRock’s actions don’t align with the city’s climate goals and financial interests, suggesting a lack of commitment to transitioning to a greener economy. This move signals growing pressure on financial institutions to actively incorporate climate considerations into their investment strategies and a potential loss of a significant client for BlackRock.
