NYC Pension Funds to Double Investments in Climate Change Solutions
"New York City leads from the front when it comes to the fight against climate change," said NYC Mayor Bill de Blasio. "We're taking a stand for generations to come with our goal to double our pension investments in job-creating climate solutions. I know that other cities will look to our example, and I implore them to join us."
New York City Mayor Bill de Blasio, the city's comptroller, Scott M. Stringer, and other trustees of New York City's pension funds announced a new goal Sept. 13 to double the investments of the NYC Funds in climate change solutions to $4 billion, or 2 percent of the city's $195 billion pension portfolio, during the next three years. City pension systems will aim to double the existing $2 billion investment across all asset classes to reach $4 billion of investment in renewable energy, energy efficiency, and other climate solutions.
"New York City leads from the front when it comes to the fight against climate change," said de Blasio. "We're taking a stand for generations to come with our goal to double our pension investments in job-creating climate solutions. I know that other cities will look to our example, and I implore them to join us."
"The future is with big ideas in clean technology, not with big polluters," said Stringer. "Today we're showing that New York City will continue to lead the way in investing in sustainable investments that offer strong returns for New York City beneficiaries. By pledging to double our holdings in climate solutions, we're becoming an important part of that solution."
"Climate change demands bold solutions. In January, New York City pledged to divest its pension funds from fossil fuels," said Daniel Zarrilli, NYC's chief climate policy advisor and OneNYC director. "Today, we're going even bigger by doubling our investments in climate solutions and putting $4 billion to work in fiscally responsible investments into clean energy and energy efficiency. If all investors followed our lead, we could leave fossil fuels behind us, deliver on the Paris Agreement, and build a better world for our children."