New York City Comptroller Brad Lander has set a firm June 30, 2025 deadline for asset managers overseeing the city’s $280 billion pension funds to align with robust Net Zero plans—or risk losing their mandates. This marks a critical step in NYC’s aggressive push for ESG integration and a carbon neutral strategy, especially as federal climate support recedes under shifting national policies. 

Announced on Earth Day, Lander’s directive introduces rigorous standards for NYCERS, TRS, and BERS asset managers, requiring them to measure Scope 1, 2, and material Scope 3 emissions, implement real-economy decarbonization strategies, and commit to science-based transition plans. Failure to comply will trigger mandate termination and replacement via the city’s Public Procurement Board. 

The move responds to climate policy rollbacks initiated under President Trump, which Lander described as “systematic gutting” of progress. Key reversals include the cancelation of $300 million in FEMA flood protection, the halt of a major offshore wind project, and the suspension of low-income energy assistance programs—all undermining NYC’s resilience efforts. 

Targeting industry giants like BlackRock, which recently withdrew from the Net Zero Asset Managers initiative, Lander criticized what he sees as symbolic backtracking. He also urged legal action against Tesla, citing governance and alignment concerns under Elon Musk’s leadership. 

“This is about fiduciary duty and climate responsibility,” Lander said, calling on other progressive cities to follow suit. 

With $26.5 billion already invested in green assets, NYC is leveraging financial influence to demand climate accountability. As ESG pressures rise and net-zero targets loom, the city’s pension strategy serves as a model for aligning public investments with environmental sustainability, demonstrating that financial stewardship and climate action can—and must—go hand in hand. 

Source : 

https://esgnews.com/nyc-comptroller-lander-to-replace-asset-managers-without-strong-net-zero-plans-by-2025-deadline/