NYC pension funds want asset managers like BlackRock to have legitimate net-zero plans—or lose their business

As the Trump administration funnels money into fossil fuels and the country largely retreats on climate efforts, New York City is trying to ensure its pension funds take the climate into consideration.

In 2021, New York City officials announced that the city’s pension funds divested an estimated $4 billion from fossil fuel companies, a landmark move in the effort to divest money from polluting industries. But divesting directly from these companies only covers a small portion of how...