New York City’s chief financial officer Brad Lander has announced plans to divest from fossil fuel stocks in the two largest city retirement funds. The funds have pension contributions and assets worth more than $170 billion.
According to the story in New York Focus: this is all part of a new climate change plan intended to chart the course of the retirement systems for municipal workers and teachers… to net zero emissions across their portfolios by 2040.” Lander boasts this will be “the most ambitious plan undertaken by a U.S. public pension fund.”
Hello. It may also lead to NYC pension bankruptcies. The highest performing stocks by industry in 2022 were oil and gas companies. As we’ve explained multiple times, ESG and climate funds substantially underperform the market.
Do the municipal workers know what the climate change fanatics are doing with the union retirement funds? No wonder Biden defined away the word “fiduciary.”