Sierra Club Applauds NYC Comptroller Recommendation to Drop BlackRock Over Inadequate Climate Plans - CleanTechnica

The Sierra Club has praised the New York City Comptroller’s recommendation to divest $42 billion in pension funds from BlackRock due to the asset manager’s inadequate climate action plans. If adopted by the NYC pension boards, this move would represent one of the largest climate-related divestments by a pension fund in the U.S. or globally, signaling a significant shift in how public funds address systemic climate risks. While other U.S. pension funds have increased climate expectations, none have redirected funds on this scale in response to sustainability failures. Ben Cushing, Director of the Sierra Club’s Sustainable Finance Campaign, emphasized that confronting climate risk is essential to protecting both the economy and the retirement security of millions of workers. He stated that fiduciary duty requires pension funds to move investments away from managers who fail to provide credible climate strategies. This action by the NYC Comptroller sets a precedent for other public pension leaders, underscoring that asset managers who do not take climate risk seriously may lose clients to those who