MAYOR DE BLASIO, COMPTROLLER STRINGER, AND TRUSTEES ANNOUNCE PENSION FUNDS MORE THAN DOUBLE CLIMATE CHANGE SOLUTIONS INVESTMENTS TO OVER $6 BILLION

 

Surpasses goal set in September 2018 to increase investments to $4 billion in three years 

 

Builds on $4 billion fossil fuel divestment – one of the largest in the world 

 Mayor Bill de Blasio, Comptroller Scott M. Stringer, and other trustees of the City’s pension funds today announced the Funds will more than double investments in climate change solutions to over $6 billion. This surpasses the goal set in September 2018 to double the then-$2 billion investment across all asset classes to reach $4 billion of investment in companies that generate revenue from climate mitigation, adaption and resiliency such as renewable energy, energy efficiency, sustainable waste management, green buildings, and pollution prevention. It also includes companies that are measurably helping to facilitate the transition to a low-carbon economy consistent with goals established by the Paris Climate Accord. This achievement builds on three of the pension funds’ $4 billion divestment from securities related to fossil fuel companies – expected to be one of the largest in the world. 

 

"The climate crisis must be met head-on and from all fronts. This multi-billion investment in green tech and divestment from fossil fuels is a winning combination for our planet, our city and our pensioners,” said Mayor Bill de Blasio. “Our pension trustees are meeting the moment by doubling investments and securing a greener future for New York City.” 

 

“We need to meet the climate crisis with everything we’ve got, and that’s why New York City is leading the way forward with investments in sustainable solutions for our planet, our children, and our retirees,” said New York City Comptroller Scott M. Stringer. “New York City is standing up for our people, our pension beneficiaries, and the only Earth we have because the future is on the side of big ideas in clean energy — not big polluters. Investing in climate change solutions is in the fiduciary interest of our beneficiaries and together we’re leading the charge to build a cleaner and greener future for all.” 

 

The Mayor, Comptroller, and trustees set a goal to double investments in climate change solutions such as wind, solar power, energy efficient technologies, and more from approximately $2 billion or 1% of assets at the time to approximately $4 billion or 2% of assets by the end of 2021. With a vote on Friday, March 19, the pension funds approved allocations to climate change solutions public equity investments, identified by the Comptroller’s Office Bureau of Asset Management,  that bring the aggregate investments, including new commitments, to over $6 billion across the portfolio of all five pension funds.