New York City’s pension funds, overseeing nearly $300 billion in assets, have warned that BlackRock and Fidelity are still not fully aligned with their net-zero climate goals. The concern comes as part of their latest climate report, with the funds indicating possible mandate reviews or reallocations if expectations are not met.
The system is also moving toward stricter enforcement of its Net Zero Implementation Plan, which targets full portfolio decarbonization by 2040. Asset managers are now required to present credible transition strategies, shifting climate alignment from a voluntary goal to a binding investment condition.