The NYCRS are the lead investors for engaging with transportation sector companies, including General Motors (GM), Ford, and Paccar, as well as General Electric (GE), and are part of the investor group engaging with Southern Company, Duke Energy, and AES. Prompted by concerns regarding their corporate lobbying activity, and its apparent misalignment with their stated positions on climate change, the NYCRS submitted lobbying disclosure proposals to Ford and GM.
At Ford and GM, discussions centered on urging the companies not to support a weakening of the CAFE standards which are under review, and to oppose efforts to undermine California’s authority to set vehicle emissions standards that 13 other states also adopt. Investor pressure resulted in 17 automakers (including Ford and GM) sending a letter in June 2019 to the administration and the governor of California asking that they reopen negotiations on vehicle standards. In July 2019, Ford (along with Honda, VW, and BMW) recognized California’s authority to set vehicle emissions standards by entering into a compromise agreement with California to annually reduce emissions on a nationwide basis.