New York City Comptroller Brad Lander proposed excluding midstream and downstream fossil fuel infrastructure from the city’s pension funds’ private equity and infrastructure portfolios to enhance decarbonization efforts. This proposal will be reviewed by the trustees of major retirement systems managing $208.3 billion in assets. The funds have previously divested from public fossil fuel reserves and excluded upstream investments. Lander emphasized that climate risk poses financial risks, impacting long-term investment decisions. John Adler, the chief ESG officer, highlighted the urgent need to distance the pension funds from fossil fuel assets to ensure financial resilience for retirees amid ongoing climate challenges.