Core Viewpoint - New York City's outgoing Comptroller Brad Lander is urging the city's top pension funds to sever ties with BlackRock due to allegations that the firm is not adequately addressing climate change concerns [1][3]. Group 1: Allegations Against BlackRock - Lander accused BlackRock of scaling back its climate engagement, which he claims puts investments at unnecessary risk [3]. - He criticized the firm for allegedly succumbing to pressure from the White House and Republicans, leading to a reversal on green investments [1][11]. - BlackRock's recent withdrawal from the United Nations-backed Net Zero Asset Managers Initiative is highlighted as a significant shift in its climate commitments [13]. Group 2: Pension Funds and Investment Management - Lander has specifically called on the New York City Employees' Retirement System, Teachers' Retirement System, and Board of Education Retirement System to consider moving their investments to firms with a stronger commitment to combating climate change [3][8]. - BlackRock manages approximately $42.3 billion in retirement funds for city workers, indicating its significant role in the city's pension system [8]. - The total assets under management by BlackRock globally reached a record $13.46 trillion as of September 30, 2023, reflecting its substantial market presence [10]. Group 3: Political Context - Lander's comments come as he prepares to leave office, with socialist Mayor-elect Zohran Mamdani set to influence the city's pension system starting January 1 [8][14]. - The political landscape is shifting, with Mamdani's administration expected to pursue an aggressive agenda that may impact investment strategies [14].