Our planet is experiencing its hottest month of all time, John.
And to make matters worse, BlackRock (world’s largest asset manager) just appointed the CEO of the Saudi Arabian Oil Company (world’s largest oil producer) to serve on its board.
That’s why last week I unequivocally condemned appointing a fossil fuel executive to sit on BlackRock’s board. This goes against the interest of our burning planet (and New York City’s pension portfolios).
In the past, BlackRock has clearly stated that climate risk is an investment risk. But actions speak louder than words. The appointment of the CEO of the world’s largest oil producer to BlackRock’s board undermines its own stated climate commitments.
Let’s be clear: The return on a fossil fuel investment is deadlier heat, higher sea levels, and smokier skies. As New York City Comptroller, I’m proudly leading the movement to divest cities from fossil fuels and invest in climate solutions.
That’s why the Office of the Comptroller has a 4-step plan to reach net zero emissions from our investment portfolios by 2040.
That’s why we’re auditing city infrastructure for sustainability and tracking the City's efforts to reduce emissions and convert to 100% clean energy.
And that’s why I’m fighting for carbon-reducing solutions in every corner of the city, from installing more solar panels to implementing congestion pricing.
The urgent need for these solutions is what I talk about in my new video with the Stop The Oil Profiteering campaign. The big banks are pumping trillions of dollars into new fossil fuel extractions, but every dollar we give to big oil is a bet against our future (and against our children's future).
In solidarity,
Brad
