New York City pension leaders will press external fund managers, including private market fund managers, on Wednesday for details on their plans to cut greenhouse gas emissions, officials said.
Public, and private market managers that have faced less pressure on climate issues to date, run most of the roughly $240 billion in New York City pension fund assets. Boards overseeing the majority of that money have approved new expectations for those managers, New York City Comptroller Brad Lander said, which will be announced on Wednesday.
Lander told Reuters in an interview the hope is that the new requirements by one of the largest U.S. pension funds will lead the investment firms themselves to adopt more aggressive steps to reach net zero emissions from portfolio companies. "The purpose isn't to get a gold star for our portfolio, the purpose is to work together with other investors to achieve changes in the real economy," Lander said.
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