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Dear New Yorkers,
This past Monday, Earth Day, was a terrifically sunny day in New York City.
From the Bronx down to the Seaport where we kicked off a press conference about our latest investigation, the beautiful weather made me grateful for nature and our planet – even if it stood in contrast to the dark reality of the climate crisis we face.
Look, New York City just isn’t as prepared as we should be for the climate crisis, especially when it comes to extreme weather (as evidenced by our investigation into the Adams Administration's lack of preparedness for Tropical Storm Ophelia). And we aren’t moving nearly fast enough to make the transition to renewable energy that we know is needed to protect the global economy from climate-driven financial risks.
That’s why I’ve made confronting the climate crisis a top priority in my office. I’m proud of all the work we’ve done to make New York City more sustainable and better prepared for our climate future:
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Developed Public Solar NYC, an innovative proposal to dramatically scale up solar adoption and make the most of clean energy funds coming from Congress
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Highlighted the gaps in the City’s cooling centers that put vulnerable communities at risk during dangerous heat waves
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Pushed to make basement apartments safer during extreme rainfall
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Launched a Climate Dashboard to transparently track NYC’s climate progress
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Divested from fossil fuels and adopted the most ambitious plan in the country to reach net zero emissions across NYC’s public pension fund portfolios
But let’s be honest: The climate crisis cannot be confronted one city at a time. We need action at a global scale to transition to renewable energy, cut down on pollution, and reverse the trends of extreme weather that are pushing our planet to the brink. That’s why on Earth Day, and every day, New York City pension funds are putting big banks on watch.
This spring, I introduced shareholder resolutions calling on Bank of America, Citi, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Royal Bank of Canada to publicly disclose their Clean Energy Supply Financing Ratios (how much a bank is funding fossil fuels versus clean energy). Thanks to shareholder engagement my office did on behalf of NYC’s pension funds, Citi, JPMorgan Chase, and Royal Bank of Canada all agreed ahead of their annual meetings. It was a huge deal because it increases transparency in the banking industry.
In contrast, Bank of America, Goldman Sachs, and Morgan Stanley have not and are dragging their feet. Yesterday, shareholders at Bank of America and Goldman Sachs voted on our proposal. While these banks are failing to understand the important of this transparency, there are encouraging signs that they know it is crucial in our fight against climate change. Given the urgency of the climate crisis and the need for a rapid energy transition, we are hopeful that these banks will join their peers and disclose their Clean Energy Supply Financing Ratios as we continue shareholder engagement. These banks must report regularly and transparently on their energy transition so we can hold them accountable.
As Comptroller, I’m tasked with taking the long-term view – and of course, that applies to the climate crisis. Through my office’s work, we are helping to ensure that City services, infrastructure, and resources are managed effectively – not only to confront climate challenges now, but for decades to come.
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