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As the Trump administration funnels money into fossil fuels and the country largely retreats on climate efforts, New York City is trying to ensure its pension funds take the climate into consideration. In 2021, New York City officials announced that the citys pension funds divested an estimated $4 billion from fossil fuel companies, a landmark move in the effort to divest money from polluting industries. But divesting directly from these companies only covers a small portion of how the markets support the continued development of oil, gas, and coal. Major asset managers like BlackRock still invest in fossil fuels; so if a pension fund is invested in BlackRock, its still essentially funneling money into oil, gas, and coal. Now, those asset managers will have to show the city that their investments align with New Yorks climate goals, or they could risk losing the pension funds business. New York City Comptroller Brad Lander recently announced new climate standards for pension fund asset managers, including clear net-zero goals that decrease their scope 1, 2, and 3 emissions. Asset managers have until June 30 to submit their climate strategies to the city. Officials will evaluate those net-zero plans to ensure that they’re “real and actionable.” If an asset managers plans fail to meet those climate standards, theyll be sent to a rebid process, meaning theyll have to bid again for the pension funds business, and the funds could then move their money to a different, cleaner asset manager. As part of any new bidding process, Lander will recommend evaluating an asset manager’s corporate-level climate behavior as well. What were doing is getting the New York City pension funds to use their buying power to shift money from dirtier money managers like BlackRock, who are bad on climate, to cleaner money managers, says Pete Sikora, climate campaigns director with New York Communities for Change, a nonprofit that campaigned for these new standards. Activists hope that by taking business away from the less climate friendly asset managers, those companies will be forced to clean up their portfolios in order to get back the pension funds business. New York Citys five pension funds have nearly $300 billion worth of investments, with a few hundred asset managers. The largest is BlackRock, which holds nearly $60 billion of the funds investments. (In total, BlackRock has more than $11 trillion in assets under management.) The citys pension funds include the New York City Employees Retirement System (NYCERS), Teachers Retirement System (TRS), and Board of Education Retirement System (BERS), which have all historically been progressive on climate action; TRS is also the largest investor with $109 billion in assets. (The other two funds are the New York City Police Pension Fund and the New York City Fire Pension Fund.) Already, since 2019, New York Citys pension system has reduced its greenhouse gas emissions by 37%. It aims to be net-zero by 2040. This move to require climate plans from asset managersand to stop investing with them if their climate plans arent strong enoughis crucial to reaching that goal, Sikora says. Its a more impactful move than just divesting directly from fossil fuel companies, he notes, because it pushes the entire financial industry to be cleaner. Theres no way to stave off global climate catastrophe unless finance as a whole flees from oil, gas, coal, and deforestation, he says. The move is also a direct response to the Trump administrations efforts to funnel money into the fossil fuel industry, and to push back the entire countrys climate progress. We will not retreat from our strong climate action, a position that remains consistent with our fiduciary duty. Climate risk is financial risk, Lander said in a statement. Some may cave to the Trump administration and reverse their climate commitments, but we will not be deterred from jointly prioritizing our climate goals and financial responsibilities. (Lander is running to be the Democratic candidate in New York City’s mayoral race, and has made standing up to Donald Trump a tenet of his campaign.) New York Communities for Change has been advocating for these climate standards for years, Sikora says, and was talking to Lander about the possibilities before he was even elected as comptroller in 2021. Before that role, Lander was on the city council, where he sponsored a resolution calling on BlackRock, JP Morgan Chase, Liberty Mutual, and other financial institutions to stop lending to and investing in the fossil fuel industry. That hinted to activists that he would be supportive of these efforts. Though this effort was years in the making, it’s becoming more urgent as the financial industry backslides on climate commitments at large. In January 2025, weeks before Trump took office, six major banks left the Net-Zero Banking Alliance, a group that was setting net-zero targets for the financial world. Still, some funds are trying to hold banks to account. In February, the People’s Pension, one of the United Kingdom’s largest pension funds, said it was “prioritizing sustainability” by pulling a majority of its money out of State Street; the fund moved 20 billion to a different asset manager, Amundi, which it says has stronger climate standards. Changes to New York City’s pension funds wont happen immediately, though. After asset managers submit their climate plans to the city, officials have to review them before they make recommendations on whether to put the business up for rebid; those recommendations will likely start to happen in the summer or early fall. New York Citys move to divest its pension fund from fossil fuels did face a lawsuit from oil and gas companies in 2023; in 2024, the city won. These additional climate requirements may also face criticism or legal pushback, particularly from the Trump administration, but Sikora is confident it will hold up in court. Investing in fossil fuels is no longer a sure route to profitability; thousands of oil and gas assets are at risk of becoming strandedmeaning they would be unprofitable or forced to shut down years before plannedbecause of the impacts of climate change. New York City pension funds have an interest in a healthy world, he says. You dont have New York City pension funds in a dead New York City that is submerged under rising seas. . . . On a basic, prudential level, you shouldnt be furthering your own destruction with your investments.
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Perus decision to shrink its archeological park home to the famous Nazca Lines by around 42%an area roughly the size of 1,400 soccer fieldshas sparked alarm among conservationists, archaeologists and environmental advocates. Critics say the rollback paves the way for informal mining and weakens decades of cultural and ecological protection, while the government says the adjustment reflects updated scientific studies and does not compromise the UNESCO World Heritage status or the sites core protections. The reduction not only removes protectionsit does so precisely where extractive activity is expanding, said Mariano Castro, Peru’s former vice minister of the environment, adding that the decision could cause very serious risks and cumulative damage, as it excludes zones with active or pending mining claims. Castro added that safeguards for archaeological heritage during the formalization of artisanal mining are already limited. This is made worse by the ministry of cultures failure to consider the cumulative impact of dozens or even hundreds of mining operations on sensitive archaeological zones, he said. The area in question forms part of a UNESCO-recognized World Heritage Site, home to the Nazca Linesmassive geoglyphs etched into the desert thousands of years agoand one of Perus most fragile desert ecosystems. Peruvian environmental lawyer César Ipenza, who has closely followed the decision, said the resolution has already been approved and that it reduces the Nazca zone by more than 1,000 hectares. This is a weakening of both environmental and cultural protections, Ipenza said. The state should be upholding its commitments under international agreements, not yielding to private interests. Ipenza and others say the rollback reflects a pattern of regulatory concessions to mostly informal gold miners. Theres an alliance between the current government and informal mining sectors, he said. The legal framework continues to be relaxed to benefit them. Peru’s ministry of culture, which decided on May 30 to reduce the Nazca reserve from about 5,600 square kilometers to roughly 3,200 square kilometers, declined to answer specific questions from the Associated Press. Instead, it sent a press release saying the adjustment was based on updated archaeological studies and does not affect the UNESCO World Heritage designation or its buffer zone. The ministry said it remains committed to preserving the sites cultural heritage through regulated management. A day after the May 30 decision, Fabricio Valencia, Peru’s minister of culture, acknowledged that illegal mining exists within the reserve. Unfortunately, informal mining is an activity present in this area, but the measure we have taken does not mean it will be encouraged, nor that the likelihood of any harm from informal mining will increase. That will not happen, Valencia said on RPP, one of Peru’s largest radio programs. When asked for more details about the presence of illegal activity in the reserve, Valencia said, there are some mining deposits, but I dont have exact information on what type of mineral is there. UNESCO did not immediately respond to a request for comment. Castro, the former vice minister, warned the move could violate Perus own laws. It contravenes Article 5(h) of the Environmental Impact Assessment Law, which mandates the protection of archaeological and historical heritage, he said. Ipenza said the government is enabling illegality under the guise of technical adjustments. It is shameful to forget our ancestors and our heritage, and to disguise decisions that pave the way for sectors seeking to impose illegality, such as illegal and informal mining,” he said. “This decision benefits those groups and harms all Peruvians. The Associated Presss climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find APs standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org. By Steven Grattan, Associated Press
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Self-awareness is often referred to as the foundation of emotional intelligence, and its a requirement for exceptional leadership. When leaders understand their emotions, recognize their strengths and weaknesses, and hone their decision-making and communication skills, they build trust and foster better collaboration within their teams. This leads to better performance all around. But here’s the catch: Developing self-awareness isn’t a onetime achievement. It’s a continuous, evolving process that requires intention and reflection. Leaders who actively cultivate this skill dont just improve their own effectiveness, they also create a healthier, more productive organizational culture. In fact, research from the Corporate Executive Board (now part of Gartner), reveals that leaders with high self-awareness are 10% more effective in their roles than those who rank lower. It’s a simple truth: Self-awareness isn’t just a personal assetits essential for any leader looking to drive success. Defining Self-Awareness Self-awareness is the ability to recognize and understand your emotions, thoughts, and behaviorsand to see how they influence your decisions, relationships, and leadership style. It involves identifying what drives you, understanding your strengths and weaknesses, and being honest with yourself about areas for improvement. Self-aware leaders do more than just understand themselves. They also recognize how their actions are perceived by others, which is essential for cultivating trust within a team. Its a skill that evolves over time, meaning leaders must regularly pause and reflect on their actions and their impact. The Role of Feedback in Self-Awareness Feedback is one of the most powerful tools for cultivating self-awareness. However, many leaders shy away from it due to fear, pride, discomfort, or uncertainty about its reliability. Avoiding feedback, though, can significantly hinder both personal and professional growth. Often the best feedback comes from those who report to you. For instance, one experience that was a turning point for me was when one of my direct reports pointed out one of my unconscious biases. Eight years ago, I was preparing to head home after a long day at work when I heard a knock on my office door. It was Katherine, one of my team members. She asked if she could give me some feedback about that morning’s team meeting. Katherine shared something that left me stunned: Are you aware that you tend to listen more to the people who are the most vocal, and that they tend to be men? I had always thought I was an inclusive leader, so I was shocked to hear this. I responded honestly, I had no idea. Katherine explained that this was something she had wanted to bring up for a while but didnt feel comfortable doing so until now. I immediately apologized, thanked her for sharing this with me, and asked for specific examples. She provided them, and I made sure to listen attentively. This interaction caused me to change how I lead. I decided to ask myself before every meeting what biases I need to check myself on. I also talked with the people on my team who were less vocal and asked if it would be okay for me to call on them during meetings to help them share more of their ideas. Katherines feedback offered valuable insights into how my behavior affects others, uncovering a blind spot that might have otherwise remained hidden. So make sure you solicit feedback regularlywhether its from a childhood friend, trusted colleague, mentor, or direct report. Once youve identified someone you trust, clarify the type of feedback youre seeking. For example, you could ask for input on your biases, or a recent project, an interaction with a colleague, or how others perceive your leadership style. Mindfulness as a Self-Awareness Tool Mindfulness is a powerful tool for developing self-awareness. It involves staying fully present in the moment, which helps leaders become more attuned to their emotions, thoughts, and reactions. Simple mindfulness exercises, such as focused breathing or short reflection breaks during the day, can greatly improve emotional awareness. In my work with clients and the workshops I facilitate, I guide participants through breathing exercises. Many share that integrating mindfulness into their daily routines has helped them be more fully present. For example, some clients now begin their team meetings with breathing exercises to help themselves and their teams stay focused and engaged during discussions. These practices support clearer decision-making and improved emotional regulation. I also use these exercises myself to ensure Im fully present before coaching a client or facilitating a workshop. They help me stay grounded and attentive. In addition to breathing exercises, I recommend a few other strategies to help leaders remain present. One is to put cellphones away during meetings. This reduces the temptation to check your phone, which can signal to others that you arent fully engaged or listening. I also suggest creating a 10-minute buffer between meetings. This allows leaders time to reflect on the meeting they just attended and prepare for the next one. Without this space, leaders often rush from one meeting to the next, missing the opportunity to reflect and be fully present. Leveraging Self-Assessments Self-assessments can also play a crucial role in developing self-awareness. One tool I frequently use with my coaching clients and the teams I work with is the CliftonStrengths finder from Gallup. This assessment, grounded in positive psychology, has been around for more than 20 years. It was developed based on research that asked, “What would happen if we studied what was right with people, rather than focusing on whats wrong?” The result is an assessment that identifies a leader’s strengths, allowing them to build on what they do well, rather than focusing on fixing weaknesses. It also highlights how each strength, when pushed to an extreme, can hinder success. For instance, a leader with the strength of being an “achiever” works hard and possesses a great deal of stamina. They take immense satisfaction in being busy and productive. However, when taken too far, this strength can lead to burnout or cause frustration among those being led, potentially resulting in high turnover if team members feel overwhelmed. Developing a Growth Mindset Self-awareness is closely linked to a growth mindset, or a belief that abilities and intelligence can be developed over time through effort and learning. Leaders who embody this mindset inspire their teams to continually improve, fostering a culture of resilience and adaptability. This mindset not only benefits leaders but also empowers teams to take risks, learn from mistakes, and grw. The key to fostering a growth mindset is to view feedback as an opportunity for self-improvement, as I mentioned earlier. When receiving feedback, ask questions such as: “How can I improve?” or “What specific actions can I take to do better?” This approach transforms feedback into a valuable tool for personal and professional growthand makes it more likely that people will approach you with this feedback in the first place. Developing your leadership Self-awareness is not a destination, but an ongoing journey that requires dedication and intentionality. For leaders, cultivating self-awareness is crucial to becoming more effective, empathetic, and emotionally intelligent. By consistently reflecting on your behavior, seeking feedback, practicing mindfulness, and leveraging self-assessments, you will improve your leadership skills and create a positive environment for your team.
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