“We need to be crystal clear: if you’re managing our money, you better be taking climate risk seriously and cutting off financing for new fossil fuel projects. If not, we’re taking our business elsewhere.”

New York City is the biggest, toughest, most forward-thinking city in the world. We don’t follow trends—we set them. And when it comes to how we invest our money, we need to do the same.

As chair of the City Council’s Finance Committee, I’ve worked to make sure every taxpayer dollar is working for the people of New York. Now, as a candidate for New York City Comptroller, I want to make sure our city’s massive pension funds—nearly $300 billion—are invested in a way that’s not only smart and responsible but also gets the best returns for retirees.

We’ve already taken a big step by divesting from fossil fuels, but let’s be real: if we’re still letting Wall Street money managers take our pension dollars and use them to prop up new oil, gas, and coal projects, we’re not actually solving the problem. We need to stop financing our own destruction. 

Meanwhile, red states across the country are using their financial power to punish investment firms that care about climate change. They’re pulling their money from firms that dare to even acknowledge the climate crisis, and guess what? It’s working! Wall Street is backing off its weak climate commitments out of fear of losing business.

Well, here’s the deal: if right-wing red states want to play games to protect the fossil fuel industry, then New York City should be using our financial firepower to do the opposite. We need to be crystal clear: if you’re managing our money, you better be taking climate risk seriously and cutting off financing for new fossil fuel projects. If not, we’re taking our business elsewhere.

This isn’t just the right thing to do for the planet; it’s also the smart thing to do for our retirees. The numbers prove it. In 2023, sustainable investment funds achieved a median return of 12.6 percent, compared to just 8.6 percent for traditional funds. That’s real money.

So while fossil fuel companies keep selling the myth that clean energy investments are risky, the reality is that many forward-thinking fund managers are already seeing better returns by focusing on sustainable investments. The bottom line? We don’t have to choose between doing good and making money. We can do both and get better pension returns while we’re at it.

As comptroller, I won’t just talk about reassessing our business relationships, I’ll actually move our money. We’ll set clear policies: if you want to manage New York City’s pension funds, you need to prove you’re committed to a cleaner, more sustainable future. No half-measures. No excuses.

New York City has the power to send a message that Wall Street can’t ignore. Our pension funds don’t just safeguard the future of hardworking New Yorkers, they can help safeguard the future of our city itself. Rising sea levels, extreme weather, and climate disasters aren’t some far-off threat. They’re here. They’re now. And they’re hitting New Yorkers hard.

We have the leverage. We have the responsibility. And when I’m comptroller, we’ll have the leadership to make sure New York City is using its financial muscle to lead the way, because that’s what New Yorkers do.

The time for half-measures is over. Let’s get to work.

Justin Brannan is a member of the City Council representing Brooklyn’s 47th District, and a candidate running for NYC Comptroller.