Activists Are to Working to Decarbonize Public Pension Funds CoveringClimate
, a network formed in 2018 of US and international organizations from the Sierra Club to Amazon Watch to the Union of Concerned Scientists, along with grassroots action partners like NYCC, Climate Finance Action in Boston, and Break Free Switzerland.
BlackRock is also a target because many of the assets that it manages are from public pensions; it depends on providing a range of consulting and other services to governments as well. The Federal Reserve itself hired BlackRock to help manage its massive corporate buying program in the middle of the pandemic.
BlackRock is not just concerned about losing access to the $5.6 trillion in public pension funds that make annual payments to retired public employees, so-called defined benefit plans. It also wants to access the $2.6 trillion flowing through the 401K-style “defined contribution” plans administered by state retirement programs, thereby creating relationships directly with individual retirees. That gives states additional leverage.
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