Statement from NYC Comptroller Lander on Proxy Votes Urging Major Financial Institutions to Stop Financing Fossil Fuels

(New York, NY) — New York City Comptroller Brad Lander announced proxy votes by three of the New York City Retirement Systems in support of shareholder proposals that urge financial institutions to adopt policies that eliminate financing of new fossil fuel exploration and development.

The Teachers’ Retirement System, Board of Education Retirement System and New York City Employees’ Retirement System voted in favor of climate resolutions before four major banks, Bank of America, Goldman Sachs, Citi Group and Wells Fargo, ahead of a slate of upcoming annual meetings, and plan to vote in favor of similar resolutions at other financial institutions.

Comptroller Lander said:

“Experts have been sounding the alarm: continued expansion of fossil fuel infrastructure is untenable for the health of our communities and the global economy as the risks of climate disasters grow.

“Accelerating a just transition to a low carbon economy requires action now across our economy to keep fossil fuels in the ground. Banks and financial institutions that finance fossil fuel infrastructure must grapple with the risks that these investments pose to future returns, and to the fate of our planet.

“I’m proud to cast these votes to end new financing of fossil fuels on behalf of the three pension systems, in alignment with their goals to achieve net-zero portfolios, and finance the transition to a greener economy.”

For more background on how pension funds that make up the New York City Retirement Systems approach climate action as a financial risk across their portfolio please visit: https://comptroller.nyc.gov/services/for-the-public/confronting-the-climate-crisis/financing-a-just-transition/

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