NYC Pension Leaders Urge Fossil Fuel Lending Curbs at Top Banks

However, trustees for New York City police and firefighter pension funds with a combined $70 billion will vote “against” the measures that effectively call for no new oil or gas lending, Assistant Comptroller Michael Garland said in an interview.

Ross Kerber, Reuters

New York City pension leaders said the $262 billion system will mostly favor calls for sharp limits on fossil fuel lending at top banks this week, giving a late boost to activists who have gained little backing from proxy advisers.

The fate of the closely watched shareholder resolutions will show how investors will weigh climate concerns against rising energy prices and Republican criticism of Wall Street's embrace of environmental concerns.

Staff for New York City Comptroller Brad Lander said the city’s main pension funds would back resolutions on April 26 at the shareholder meetings of Bank of America, Citigroup and Wells Fargo & Co. effectively calling for no new oil or gas lending.

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