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Facing the Climate Crisis, Can We Make Politics Move Faster Than Physics?
As Tehran runs low on water, New York City considers divesting from planet-wrecker Blackrock. We need more of the latter to prevent more of the former.
Nov 29, 2025
We are not getting out of the climate crisis without immense amounts of damage—the only question at this point is whether we can extricate ourselves with something like our civilizations intact. And the news from one cradle of civilization isn’t heartening: In Iran, where urban settlements date back to 4400 BC, the deepest drought in the country’s recorded history has now reached the havoc stage.
Tehran, shrouded in truly toxic smoke because the country’s power plants have run short of natural gas and begun burning “mazut, a dark residue of petroleum high in sulphur and other impurities,” is now facing a possible evacuation because it has run out of water. As Yeaganeh Torbati points out in an excellent essay, Iran’s water woes are deeply rooted in agricultural policy that prioritized irrigation above all (see also California); its international isolation has not helped it cope (including with the tragic fires that broke out last week in the Hyrcanian Forest, one of the oldest woodlands on Earth and a biodiversity hotspot). But the savage drought has been the final domino here, in a country where, as the head of one water utility points out, “Higher than normal heat has intensified the evaporation of water resources.” As the Australia Broadcasting Corporation summarized it:
Faced with a perfect storm of weather woes and decades of mismanagement, President Masoud Pezeshkian issued a warning to his country earlier this month that the situation could deteriorate even further.
“We’ve run short of water. If it doesn’t rain, we in Tehran… must start rationing,” he said.
“Even if we do ration and it still does not rain, then we will have no water at all."
“They [citizens] must evacuate Tehran.”
While it may seem like an exaggeration, it is the shocking reality facing the Iranian population—particularly in its capital, which has in excess of 15 million people across the broader metropolitan area.
This particular kind of disaster is becoming more common on a rapidly warming world. We’ve already had severe Day Zero scares in big cities in Brazil and South Africa; a new study earlier this month warns that:
Moments when water levels in reservoirs fall so low that water may no longer reach homes—could become common as early as this decade and the 2030s.
To find out where and when DZDs are most likely to occur, scientists at the Center for Climate Physics in Busan, South Korea ran a series of large-scale climate simulations. They considered the imbalance between decreasing natural supply (such as years of below-average rainfall and depleted river flows).
By some estimates, 2 billion humans are at risk.
The residents of New York are not at present among them. The city’s water supply system is one of the miracles of the modern world, and after six decades the “third tunnel” that will make that water system more secure is almost complete. (As a cub reporter in the early 1980s I spent several happy days underground, watching "sandhogs" from Local 147 blowing up rock walls to extend the shaft).
But that doesn’t mean New York is immune from climate danger, as anyone who lived there during Hurricane Sandy will recall. (As the financial journal Business Week printed in block letters on its cover the week after that catastrophe, “IT’S GLOBAL WARMING STUPID”).
And it certainly doesn’t mean that New York isn’t part of the cause of the global climate collapse. Not from its emissions—subway-riding New Yorkers are fairly green—but from the churn of capital through its financial markets that underwrites the ongoing expansion of the fossil fuel enterprise, in ways that scientists have said for years now simply has to stop.
A huge step in the right direction came Wednesday morning, when the city’s comptroller, Brad Lander, announced that he was recommending the city stop investing its money with Blackrock, the largest single representative of irresponsible capitalism on planet Earth.
Lander is urging three of the city’s pension funds to drop BlackRock Inc. because of “inadequate” climate plans, the latest move to penalize investment firms for failing to tackle global warming.
The guidance to reject BlackRock, the city’s largest money manager overseeing $42.3 billion of index funds for the pensions, follows a review of the firm’s efforts to press companies to decarbonize. Lander said Wednesday he’s also asking plan trustees to terminate much smaller mandates with Fidelity Investments and PanAgora Asset Management.
It’s hard to overstate the importance of this decision. To call Blackrock a “giant” is to pitifully underestimate its size—it has $13.46 trillion under management as of this fall. It owns 10% of the world’s stock market. If it wanted to stop the expansion of the fossil fuel industry, it could, more easily than any other single entity on planet Earth.
Instead it has dithered endlessly, making occasional noises of climate concern and then backtracking when red state treasurers (with far smaller portfolios than Lander’s to wave around) squawked at them. In August, Democratic officials from a dozen states sent warning letters to asset managers, calling on them to “reject pressure from the Trump administration and GOP lawmakers, and instead commit to thorough evaluations of risks tied to global warming, supply chains, and corporate governance.” Lander’s recommendation is the first concrete outcome.
Or, fairly concrete. Lander’s term ends on December 31. The advocates who have pressed for this policy—especially New York Communities for Change—are pushing him to get one of the city’s three pension plans—the New York City Employees Retirement System or NYCERS—to actually commit to the plan at its December 17 meeting. They think that with some prodding by Lander the votes are there to make the change.
If anyone has the political credibility to get it done before Christmas, that would be Brad Lander. Though he finished third in the primary, he emerged from this year’s mayoral contest with more love than any player in the city, maybe even including Zohran Mamdani. Partly that was because stood up for immigrants early, getting arrested by an Immigration and Customs Enforcement thug. Mostly it was because he figured out he was going to lose to Mamdani, took it with exceptionally good grace, and ended up playing the important role of his being his verifier—assuring people with both his insider and his Jewish credentials that the young socialist was up to the job. He comes out of 2025 both a macher and a mensch, and now he’s rumored to be planning a run for Congress; assuming he ties up some of the loose ends here, he will take on any future race with the fervent support of the environmental community, for whom he has delivered big-time. (And with the fervent opposition of Wall Street, which is proving to be a useful credential in itself).
In a larger sense, I’ve been reading accounts for months now of how climate is dead as a political issue. I think this move makes clear that isn’t true; in fact, I’d wager that as energy affordability takes center stage in next year’s midterms, the transition off fossil fuels will be a key issue for progressives to seize.
They will need to do so quickly. As events in Tehran make clear, time is now moving fast. The physics of global warming are implacable: Run out of water and you have to move your city. We’ll have to make politicians move fast to have any hope of getting ahead of the curve.
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Why Save for Retirement If You'll Be Living in a Climate Hellscape?
Only by making investments in climate resilience and clean energy can asset managers like BlackRock truly protect the retirement savings of everyday Americans.
Jun 03, 2025
Every spring, Larry Fink, CEO of the world's largest asset manager BlackRock, publishes his annual letter to investors, often heralded as an indicator of where the financial industry is headed. This year, Fink focused on the need to "democratize" investing by giving regular people more access to invest in private markets, meaning businesses outside of stock exchanges.
Fink argued this move would not only help more people save more money for retirement, but that these investments are necessary to help meet the growing need for financing for the infrastructure and energy needs of the future. Unfortunately, his take on the energy needs of the future is concerning, emphasizing fossil fuel pipelines and infrastructure and AI data centers, while casting doubt on renewables.
Democratizing investing is a noble goal, but Fink's annual letter misses a key point: A secure retirement isn't just about the money you save, it's about retiring into a world you want to live in, with healthy communities and a livable climate. By failing to encourage investments that help facilitate the transition to a clean energy economy and create green jobs, BlackRock's efforts will undermine the long-term success of our financial markets and threaten the ability of everyday Americans to retire with dignity. If asset managers like BlackRock truly want to help people retire, they must uplift investments that increase returns for individuals AND help build a future where everyone thrives.
America's Investment Landscape
In pushing forward BlackRock's agenda on private markets, Fink's annual letter conveniently ignores two critical realities.
The first is the growing problem of economic inequality in the United States. The difficulty so many Americans face in reaching their saving and investing goals has less to do with limited access to private markets, and more to do with our egregious income divide. Right now, the top 1% holds nearly as much wealth as the bottom 90%. Helping more people be financially secure in retirement begins with investing in our communities and climate solutions to help create green jobs so that more people have the resources they need to save.
The second is the growing need for financing for, and opportunities to invest in, climate resilience and the clean energy transition. This includes everything from renewable energy infrastructure to disaster-proof buildings and climate-resilient farming.
True retirement security comes not only from individual savings, but from living in a world where our investments foster a safe and thriving future for all.
Estimates show global investments in clean energy must reach $4 trillion annually by 2030 to hit global climate goals. Although this goal may seem huge, reaching it is necessary to prevent much larger losses to our economy. By 2050, without further action, climate damages could permanently shrink economic output by 20%, cost $38 trillion annually, and slash global stocks by 50%. This translates to trillions of dollars lost annually due to extreme weather, damaged infrastructure, and lower productivity. Alongside these widespread economic losses, retirement savings would take a major hit. In other words, failing to invest in the transition to a clean energy economy will make our communities—and our savings—much worse off.
Instead of focusing his annual letter on private markets, Fink should have focused on the investments necessary to support the long-term financial security and peace of mind for the millions of people he claims he wants to help save for retirement. Only by making investments in climate resilience and clean energy can asset managers like BlackRock truly protect the retirement savings of everyday Americans.
Financial Security Goes Beyond the Numbers
Retiring with dignity is not merely about having the financial security to live comfortably. It's also about the broader environment in which people live and age, which is something Fink apparently forgets. It's not only about having investment portfolios that can weather climate-related risks, but about having thriving communities and flourishing economies to retire in: cities with liveable temperatures, modern buildings, and plentiful clean energy, and people with access to good jobs, quality education, and affordable housing.
Financial security isn't just about having a diversified portfolio and a comfortable nest egg—it's intricately linked to the health of the environment. Ignoring climate risks jeopardizes the well-being of future retirees and the communities they call home. True retirement security comes not only from individual savings, but from living in a world where our investments foster a safe and thriving future for all.
To truly democratize investing, asset managers like BlackRock must direct their investment strategies to support climate resilience and the clean energy transition and provide prosperity for all Americans, within individual portfolios and beyond.
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Trump Orders US Military to Plan Invasion of Panama to Seize Canal: Report
U.S. officials familiar with the planning said options for "reclaiming" the vital waterway include close cooperation with Panama's military and, absent that, possible war.
Mar 13, 2025
President Donald Trump has directed the Pentagon to prepare plans for carrying out his threat to "take back" the Panama Canal, including by military force if needed, two U.S. officials familiar with the situation told NBC News Thursday.
According to the outlet, the officials said that U.S. Southern Command (SOUTHCOM) is drawing up potential plans that run the gamut from working more closely with Panama's military to a less likely scenario in which U.S. troops invade the country and take the canal by force. They also said that SOUTHCOM commander Adm. Alvin Holsey has presented draft strategies to be reviewed by U.S. Defense Secretary Pete Hegseth, who is scheduled to visit Panama next month.
The officials explained that the likelihood of a U.S invasion depended on the level of cooperation shown by the Panamanian military.
Trump has repeatedly refused to rule out use of military force to seize control of the vital U.S.-built waterway, as well as Greenland, an autonomous territory of NATO ally Denmark.
Last week during his joint address to Congress, Trump proclaimed that "to further enhance our national security, my administration will be reclaiming the Panama Canal," but his administration has not clarified precisely what "reclaiming" entails.
The Republican president says the U.S. needs to retake control of the Panama Canal to enhance "economic security," and has falsely claimed that the waterway is "operated by China."
Earlier this month, the New York-based investment firm BlackRock led a group of investors in a $23 billion deal to purchase ports at both ends of the Panama Canal from a Hong Kong-based conglomerate, an agreement Trump dubiously seized upon as proof that "we've already started" reclaiming the conduit.
Panamanian President José Raúl Molina countered that "the Panama Canal is not in the process of being reclaimed... The canal is Panamanian and will continue to be Panamanian!"
The U.S. controlled what was formerly called the Panama Canal Zone from the time of the waterway's construction in the early 20th century—largely done by Afro-Caribbean workers, thousands of whom died in what's widely known as the world's deadliest construction project—until then-President Jimmy Carter transferred sovereignty to Panama in the late 1970s. Under the Torrijos-Carter treaties, the U.S. reserves the right to use military force to defend the canal's neutrality.
The United States has repeatedly used deadly military force in Panama over the decades, including during a 1964 student-led uprising against American control in which 22 Panamanians and four U.S. soldiers were killed, and in a full-scale invasion in 1989 ordered by then-President George H.W. Bush to capture erstwhile ally and CIA asset turned narcotrafficking dictator Manuel Noriega. The U.S. invaders killed hundreds of Panamanians, including many civilians.
Writing for Americas Quarterly this week, Panamanian jurist Alonso E. Illueca argued that Panama's efforts to appease Trump aren't working. These include the BlackRock deal and other moves like quitting China's "Belt and Road" initiative, taking in third-country migrants deported by the U.S., backing a U.S. resolution on Ukraine at the United Nations Security Council, auditing the country's ports, and revisiting a railway project originally developed by the Chinese government.
"Panama should abandon its accommodating policy towards the U.S., which can only lead to escalating demands to banish Chinese influence, to the detriment of Panama's national sovereignty," Illueca asserted.
"An alternative policy for Panama is to align with the rules based international order," he continued. "This includes establishing synergies with like-minded states which have been also affected by U.S. actions such as Canada, Mexico, Greenland, and Denmark. The country should seek to transcend the U.S.-China binary and find alternatives for alliances, which should include partners like the European Union."
"In short," Illueca added, "the way forward for Panama lies in replacing strategic dissonance with strategic clarity."
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