CleanTechnica•30 days ago
Sierra Club Applauds NYC Comptroller Recommendation to Drop BlackRock Over Inadequate Climate Plans
Key Takeaway
This NYC Comptroller recommendation underscores the accelerating trend of financial institutions facing divestment pressure if their climate strategies don't align with aggressive net-zero goals, directly impacting future energy project financing.
AI Summary
- •New York City Comptroller recommends pension systems divest $42 billion from BlackRock due to the asset manager's 'inadequate climate plans,' despite the pension funds' own net-zero by 2040 targets.
- •This action signifies escalating pressure from public entities and environmental groups on major financial institutions to align investment portfolios with aggressive climate goals.
- •The move indicates a potential shift in capital availability and financing costs for energy projects, likely favoring those with strong ESG credentials and increasing scrutiny on fossil fuel investments.
- •Developers and large power consumers should recognize this as a growing trend in financial sector oversight, which could influence future project financing, corporate ESG reporting, and investment strategies.
Topics
datacenteremissionsfinancingpolicy
Article Content
NEW YORK — The Sierra Club applauds today’s announcement from New York City Comptroller Brad Lander recommending that three of the city’s pension systems — which are all implementing net-zero by 2040 plans — re-evaluate their mandate for BlackRock to manage more than $42 billion, due to the asset manager’s inadequate ... [continued] The post Sierra Club Applauds NYC Comptroller Recommendation to Drop BlackRock Over Inadequate Climate Plans appeared first on CleanTechnica .