New York City Comptroller Brad Lander is advocating for a re-evaluation of contracts with BlackRock, the worlds largest asset manager, due to climate concerns. This move, which could impact over forty-two billion dollars, is driven by Landers belief that BlackRocks recent shift away from pressing companies on environmental issues is a failure of their financial duty. Lander has sent a memo to pension fund trustees urging them to consider rebidding these contracts, as BlackRocks change in approach under previous administration pressure does not meet the citys expectations for responsible investing. This situation presents a significant test for newly elected officials on their commitment to addressing climate change through financial policy. Landers action is seen as a response to Republican efforts to pressure financial companies over their ESG policies, making New York City the first large liberal-leaning entity to take similar action. He also suggested reviewing contracts with State Street, Fidelity Investments, and PanAgora due to their environmental engagement.

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