71 Days and Counting

 

Now that the Brooklyn Nets are back playing basketball I may go to the game Sunday against the Charlotte Hornets. The Yankees didn't even make past the wild card game where the Red Sox beat them. We are going to wait to see if the Red Sox are eliminated tonight or they can come back.

At least I did not have to endure those pesky reporters until Monday when I have my morning media availability. I hope they are going to ask me some constructive questions, and not the same old, 'are you running for governor', 'how much do you have to pay the city back for personal use of city resources', or even 'how come crime keeps increasing?'

Senator Biaggi's Week in Review: 10/18/21-10/22/21

 

Dear Community,

On Thursday evening I tested positive for COVID-19. While I am fully vaccinated and have taken all CDC recommended safety precautions, I unfortunately contracted the virus. I am experiencing symptoms and currently isolating at home per CDC guidelines.

As someone experiencing a breakthrough case, I want to take this time to urge everyone unvaccinated to receive the COVID-19 vaccine at their earliest convenience. The vaccine has proven to slow transmission of the virus and to suppress symptoms, protecting people from more serious outcomes-- including hospitalization and death.

We are still navigating the spread of the COVID-19 virus and the seriousness of multiple variant strains. All of us must continue to do our part in protecting our community’s health and well-being. This means taking the time to get fully vaccinated. 

I also want to bring to your attention that just this week the CDC officially approved booster shots for both the Moderna and Johnson & Johnson COVID-19 vaccines. They also endorsed a “mix and match” approach to vaccine boosters, meaning the booster shots that people get do not need to match the ones they got for their initial vaccinations. New Yorkers over the age of 65 are encouraged to get a booster shot 6 months after their last vaccine dose. New Yorkers over the age of 18 with underlying health issues and/or heightened exposure may also receive a booster shot. As always, consult with a healthcare provider if you are uncertain.

If you have any questions regarding the vaccine or need help scheduling an appointment, please visit vaccines.gov or covid19vaccine.health.ny.gov. If you live in District 34 and need assistance in setting up an appointment to receive the COVID-19 vaccine, please fill out this form and my team will get back to you. 

I hope you and your loved ones continue to stay healthy and safe.

With Gratitude,

State Senator Alessandra Biaggi

Eligible constituents of Senate District 34, if you need assistance in setting up an appointment to receive the COVID-19 vaccine, please fill out this form and my team will get back to you. 

On October 21st, Governor Kathy Hochul announced the statewide 7-day average COVID-19 positivity rate is 2.3%. 

On October 21st, the US Centers for Disease Control and Prevention officially endorsed booster shots for both the Moderna and Johnson & Johnson COVID-19 vaccines, one day after the Food and Drug Administration authorized the additional shots. The CDC also endorsed a “mix and match” approach to vaccine boosters, meaning the booster shots that people get do not need to match the ones they got for their initial vaccinations.

• Governor Hochul announced on Thursday that New York State will follow the CDC’s guidance in regards to booster shots. All eligible New Yorkers can get a COVID-19 booster.

On October 20th, Mayor de Blasio announced that all NYC workers, including police, fire, and other city workers, must have received at least one dose of a coronavirus vaccine by November 1st, with no testing alternative.

On October 19th, Governor Hochul announced the launch of a new centralized website for New York State COVID-19 data. This website includes new data as well as a reorganization of previously released data to make it easier for the public to access, read and understand. In addition, more COVID-19 data is now being made available on Health Data NY.

As a reminder, Governor Hochul launched a $125 million fund to give landlords the financial relief they need to pay their basic bills and mortgages. The new Landlord Rental Assistance program ensures landlords whose tenants have declined to participate in tenant rental assistance programs or who vacated with arrears (unpaid rent) are able to receive help. If you are a landlord who hasn’t been able to access funding, visit otda.ny.gov/lrap to learn more and apply.

The application for the Excluded Workers Fund has closed. As of October 8th at 7:30pm, the Department of Labor is no longer accepting new Excluded Worker Fund applications. Due to funding constraints, there is no guarantee applications received after September 24th will be approved. Both the Governor's Office and Legislature are working in collaboration to replenish the fund and provide additional COVID-19 relief funding next year during legislative session.

As a reminder, Governor Hochul announced a vaccine incentive program in partnership with all three New York professional football teams to support vaccinations among currently unvaccinated New Yorkers. Eligible New Yorkers 18 and older can enter to win prizes for the whole family from the Buffalo Bills, the New York Giants, and the New York Jets including up to four game tickets, special in-game experiences, stadium tours, signed team gear, FaceTime calls with alumni players, and more. Eligible New Yorkers who received their first vaccine dose September 9 through October 24 can enter Here. First winners were announced September 29th, Drawing Schedule Available Here.

As a reminder, Governor Hochul announced that masks are required at state-regulated child care facilities for children ages two and up, all staff and visitors. 

• New masking requirements will also apply to congregate programs and facilities licensed, registered, operated, certified or approved by the Office of Mental Health, the Office of Addiction Services and Supports, the Office for People With Developmental Disabilities, Office of Children and Family Services and the Office of Temporary and Disability Assistance.
• This includes but is not limited to certified residential and day programs, inpatient and outpatient mental health facilities, substance abuse programs, juvenile detention programs, juvenile residential facilities, congregate foster care programs, runaway and homeless youth, domestic violence and other shelter programs. These requirements apply regardless of vaccination status.

As a reminder, President Joe Biden mandated that all private employers with 100 or more workers require their workers to be vaccinated or tested weekly. He also mandated that all healthcare workers in hospitals, clinics and other facilities that accept Medicare and Medicaid payments and all federal contractors must get vaccinated, with no opt out option. 

As of August 17th, people 12 and older are required to show identification and proof they have received at least one dose of a COVID-19 vaccine for indoor dining, indoor fitness, and indoor entertainment and certain meeting spaces. This requirement — called the Key to NYC — also means staff at these locations must be vaccinated. If you own any of the above types of businesses, we urge you to review the requirements and make sure you are in compliance to protect your employees and patrons and to avoid fines. 

Governor Hochul Announces Start of $64.4 Million Project to Replace Bronx River Parkway Bridge in the North Bronx

 

EDITOR'S NOTE:

It is nice that this bridge on the Bronx River Parkway is being replaced, but traveling the Bronx River Parkway, we have seen the bridge over the subway lines between the Cross Bronx Expressway and Boston Road is in much worse shape than the bridge being replaced. As a matter of fact if one was to drive over the bridge being replaced, one would wonder why is this bridge being replaced and not the bridge further south over the subway lines where the expansion seams have expanded much more than they should have, causing gaps in the roadway. The elected officials comments are left in to show how little they know about the entire length of the Bronx River Parkway in the Bronx. 

New Steel Girder Bridge Over the Metro-North Railroad Will Enhance Safety and Improve Travel Along Major Commuter Artery

Nearby Concrete Arch Bridge Over the Bronx River Will Also Be Repaired

 Governor Kathy Hochul today announced that construction has begun on a $64.4 million project to replace the bridge carrying the Bronx River Parkway over the Metro-North Railroad in the Wakefield and Woodlawn Heights sections of the Bronx. The project will replace a 72-year-old structure with a modern, multi-girder steel structure that will improve travel and enhance safety along this vital artery for commuters in the Metropolitan Area. Additionally, a nearby concrete arch bridge carrying the parkway over the Bronx River will be repaired and the northbound exit ramp from the Bronx River Parkway to Bronx Boulevard will be extended by approximately 70 feet to reduce congestion and further enhance safety.

"Investments in infrastructure are one of the surest ways to super charge New York's economy and at the same time create a more resilient transportation network that keeps people and goods on the move," Governor Hochul said. "The Bronx River Parkway is one of New York City's most critical travel corridors, and with this bridge replacement now complete, we're not only ensuring the continued safe operation of the Metro-North line, but also fostering growth and prosperity for the entire region."

Approximately, 450 Metro-North trains pass beneath the Bronx River Parkway Bridge every day.  The new structure will feature a new, wider concrete deck, 12-feet-wide travel lanes and new shoulders on both sides of the bridge. Other improvements include new bridge abutments, retaining walls, LED lighting and drainage. Scheduled for completion in fall 2024, the new bridge will have an estimated service life of about 75 years.

Improvements to the nearby concrete arch bridge over Bronx River will include new concrete safety barriers along each side of the bridge, wider travel lanes and new shoulders. Structural repairs will be made to the bridge's underside and the stone façade will be cleaned and a new protective coating added. Additionally, new LED lighting will be installed, handrails will be painted and new information signs will be placed along the adjacent Bronx River Greenway.

The project also includes improvements to the Bronx River Parkway between Nereid Avenue and East 233rd Street, including new LED lighting, wider travel lanes, new shoulders, resurfaced pavement and new overhead sign structures. To better manage traffic volumes, signal timings will be recalibrated at the exit ramp at East 236th Street and Bronx Boulevard, and at the intersection of Carpenter Street and East 236th Street. The project will also make landscape enhancements throughout the project limits, including the planting of 23 new trees and 189 shrubs.

In order to minimize impacts on the traveling public, lane closures during construction will largely be limited to weekends and overnight hours.

State Department of Transportation Commissioner Marie Therese Dominguez said, "This important project demonstrates Governor Hochul's commitment to building back our infrastructure to better serve New Yorkers and meet the challenges of the 21st century. This new bridge and all the improvements being made along this vital corridor, will enhance safety and improve traffic flow throughout this busy section of the Bronx."  

Representative Jamaal Bowman: "New Yorkers deserve 21st century infrastructure that centers around safety, accessibility, and equity, and I'm excited that ground has now been broken on this important project to modernize the Bronx River Parkway. As Congress works to pass substantial investments in all aspects of our nation's infrastructure, I'm looking forward to working with Governor Hochul and the rest of our state and local government to ensure the longevity of our transit networks." 

Senator Alessandra Biaggi said, "Strengthening New York State's infrastructure is critical to ensure our community's long-term safety. This project will not only protect commuters, it will limit congestion and reduce travel time as well. I want to thank Governor Kathy Hochul for prioritizing the Bronx River Parkway bridge in the North Bronx and investing in our State's public infrastructure."

Assemblymember Jeffrey Dinowitz said, "The Bronx River Parkway is a vital piece of infrastructure for both Bronxites and commuters from the Hudson Valley. Like many areas throughout New York and the nation, it is critical that our government invests in this infrastructure so that it can last many more decades. Thank you to Governor Hochul and the NYS Department of Transportation for giving this area, where the parkway crosses Metro-North tracks and the Bronx River itself, the attention and investment it needs." 

Bronx Borough President Ruben Diaz Jr. said, "Ensuring safety, improving infrastructure and reducing congestion to this vital artery that connects commuters in the Metropolitan Area is much needed in the northern section of The Bronx. Thank you Governor Kathy Hochul and New York State Department of Transportation for beginning this vital work."

Council Member Eric Dinowitz said, "I'm thrilled that the North Bronx is getting this critical investment in our infrastructure, making it safer and more convenient for commuters to cross the Bronx River Parkway. These much needed improvements prove that state leadership is paying attention to the Bronx. I'd like to thank Governor Hochul for her commitment to our great borough."

Morris Park Community Association Meeting

Wednesday Night the Morris Park Community Association held its bi-monthly meeting. This meeting was to give the Columbus Day Parade committee a pat on the back for doing what turned out to be a very good job considering all the obstacles that had to be overcome, including the rain that turned heavy during the parade. Mayor Bill de Blasio marched in the parade, and Al D'Angelo president of the MPCA said he kept smiling even as the few detractors booed or hurled other comments at him. Al also said that the mayor assured him that work would restart on the revamping of the baseball/softball field. 

Assemblywoman Nathalia Fernandez was on hand to answer questions, and remind everyone of her upcoming Job Fair in the cafeteria of Columbus High School on Saturday October 23rd, which she added was the first day of early voting for the November general election. The NCO officers from the 49th Precinct were on hand to remind everyone of crime safety tips when parking cars, do not leave your car running to run into a store, as someone can just hop into your car as you go in. They also mentioned that there were two car jackings in their sector, but no one was hurt. 

49th Precinct NCO officer Brancatelli (one of the Columbus Day Parade Grand Marshals) gives the sector A report to the MPCA.

Assemblywoman Fernandez gave out information, and took questions from the audience on many different subjects. She mentioned her Job Fair Saturday at Columbus High school, and explained why she did not march in the Bronx Columbus Day Parade.

Governor Hochul Announces Administration Appointments, Nominations and Recommendations

 

Governor Kathy Hochul today announced new appointments, nominations and recommendations to her administration.

"There's no doubt that New York faces enormous challenges, and it's absolutely vital that we attract the best and brightest minds to govern our state and fight for our people," Governor Hochul said. "These individuals will fill important roles and help our administration shore up its responses to a host of critical challenges, from protecting New Yorkers during emergencies to regulating the state's financial system."

Jeanette M. Moy will be nominated as Commissioner of the Office of General Services (OGS). She most recently served as the Executive Vice President and Chief Operating Officer for Public Health Solutions, an organization committed to reducing health inequities across New York City. In this role, she oversaw PHS' Finance and Accounting, Human Resources, Information Technology, Facilities and Real Estate Management, and Contracting and Management Services teams. Previously, Ms. Moy served as COO at the Office of the New York Attorney General, overseeing its business operations with a $225 million budget and 1,800 employees across 33 locations, and enterprise-wide modernization program. Ms. Moy served as the first Chief Strategy Officer at the Brooklyn Public Library, driving its mission-critical strategic initiatives to deliver innovative services, generate revenue and improve operations. She served as Deputy Chief of Staff and Senior Policy Advisor in the NYC Office of the Mayor, focused on customer service strategies, technology, and innovation. Prior to her time in public service, she worked at management consulting firm Booz Allen Hamilton and health insurance company Anthem. Ms. Moy received her BA in Political Science and MS in Management from the University of Rochester. Ms. Moy will serve as Acting Commissioner until confirmation by the Senate.

Maria Imperial will be nominated as Commissioner of the Division of Human Rights (DHR). Most recently, Ms. Imperial served as the CEO of the YWCA White Plains & Central Westchester, whose mission is eliminating racism and empowering women. Under Ms. Imperial's leadership, the YWCA completed a $26 million green renovation of its Residence, a $4 million bond refinancing of its North St. Activity Center, re-aligned the organization's programs to better reflect its mission, including the creation the Center for Racial Equity opening April 2021. Ms. Imperial has been recognized by Westchester 914 as a 2018 Women in Business Awardee and received Fordham Law School's Feerick Center for Social Justice Champion of Justice Award, the Westchester Human Rights Commission Award for promoting human rights in the County and also the Westchester Community Opportunity Program (WESTCOP) Community Service Award. She serves on the Board of Directors of Nonprofit Westchester, and the Advisory Board for the Women in the Courts Committee for the Ninth Judicial District. Ms. Imperial began her career working as an associate at O'Melveny and Myers law firm. She is a graduate of Harvard University, the Robert Wagner Graduate School of Public Service and Harvard Law School. Ms. Imperial will serve as Acting Commissioner until confirmation by the Senate.

Jackie Bray will be nominated as Commissioner of the New York State Division of Homeland Security and Emergency Services (DHSES). She joins the HochulAdministration after coordinating hospital surge capacity during the height of COVID for New York City, serving as the Deputy Executive Director of NYC Test and Trace Corps, and a senior advisor for the City's vaccination campaign. She previously served as the inaugural Director of the Mayor's Office to Protect Tenants where she built a new office from the ground up focused on tenants' rights and protecting the City's 2 million renter households. Prior to that, she served as the First Deputy Commissioner at the New York City Department of Homeless Services, the nation's largest and most comprehensive homeless system, where she oversaw day to day operations and implementation of the City's Turning the Tide on Homelessness Plan. Before joining NYC government, Ms. Bray served as Deputy Chief of Staff at the National Oceanic and Atmospheric Administration and Chief of Staff at the National Weather Service. There she focused on stabilizing the nations' weather satellite programs, implementing the Weather Service's vision to provide quality decision support services to States and localities, and developing climate adaptation policy. She is an alumna of the University of Michigan and has a Masters of Public Health from Columbia University's Mailman School of Public Health. Ms. Bray is passionate about public sector change management and making bureaucracies work. Ms. Bray will serve as Acting Commissioner until confirmation by the Senate.

Lucy Lang has been appointed Inspector General of the State of New York. Lang most recently served as Director of the Institute for Innovation in Prosecution (IIP) working with prosecutors and communities to promote safety, fairness and dignity in the criminal justice system. Under her leadership, the IIP advocated for criminal justice reforms and focused on reducing police involved shootings and fatalities, creating national prosecutorial guidelines to increase accountability and calling for increased support for victims of police violence. In 2006, Lang began her career as an Assistant DA in Manhattan, first in the Appeals Bureau and later in the Trial Division. She also served as Special Counsel to the District Attorney as well as Executive Director of the in-house think tank, the Manhattan D.A. Academy, which expanded legal training for prosecutors and developed prosecutorial reform policy. There she created a program called Inside Criminal Justice, a first-of-its kind college class for prosecutors and incarcerated students to study criminal justice together inside of a prison. Lang was named a Rising Star by the New York Law Journal in 2015. She was a member of the 2017 Class of Presidential Leadership Scholars a program launched in 2014 by former U.S. Presidents Bill Clinton and George W. Bush and serves as a term member on the Council on Foreign Relations. Lang received the 2020 Elizabeth Hurlock Beckman Award from the American Psychological Association, for her work as an educator who inspired her students to make a difference in their communities. She was appointed to and served on the New York State Bar Association Task Forces on Racial Injustice and Police Reform in 202, and on Racism, Social Equity, and the Law in 2021.She is the author of March On! achildren's book about women's suffrage released in recognition of the 100th anniversary of the 19th Amendment. In 2021 Lang was named one of Worth Magazine's 50 Women Changing the World. Lang received her B.A. in Political Science with High Honors from Swarthmore College and her J.D. from Columbia Law School.

Governor Hochul recommends the Commissioners of the New York State Insurance Fund (NYSIF) appoint Gaurav Vasisht as Executive Director. Mr. Vasisht has served as an advisor to a former Chairman of the Board of Governors of the Federal Reserve System, as a lawyer to three Governors of New York, and in key roles at the New York Department of Financial Services, its predecessor, the New York Insurance Department, and the New York Attorney General's Office. As Senior Vice President and Director of the financial regulation program at the Volcker Alliance ("Alliance") from 2014 to 2020, Mr. Vasisht advised former Federal Reserve Chairman Paul A. Volcker and numerous Volcker Alliance board members on financial stability and regulatory matters. Mr. Vasisht also guided the development of reform proposals and promoted the Alliance's policy priorities before the federal government, including the Senate Committee on Banking, Housing, and Urban Affairs, the House Financial Services Committee, and an array of financial regulatory agencies. Before joining the Alliance, Mr. Vasisht spent a decade in New York State government. Most recently, he served as Executive Deputy Superintendent of DFS, heading the agency's Banking Division, and prior to that was Senior Deputy Superintendent of DFS's predecessor agency, the NYS Insurance Department. Mr. Vasisht has also worked as First Assistant Counsel and Assistant Counsel to three Governors of New York and Assistant Attorney General in the Investment Protection Bureau of the NYS Attorney General's Office. A graduate of New York University and St. John's University School of Law, Mr. Vasisht has been a Non-Resident Fellow at the Global Financial Markets Center at Duke Law School and a Contributor to Penn Law's Regulatory Review.

NYC PUBLIC ADVOCATE'S STATEMENT ON NEW VACCINE REQUIREMENT FOR CITY WORKERS

 

"The administration has often lacked clarity, consistency, or courage in implementing the necessary policies to keep New Yorkers safe amid the ongoing pandemic; but the requirements announced today for all municipal employees are a welcome, crucial step. We each owe it to one another to get vaccinated and protect ourselves and our neighbors, and the city owes it to New Yorkers to do all in its power to increase vaccination rates. 

"When the Mayor took too long to close down offices last year, or forced them to fully open too quickly and abruptly this month, I opposed orders that made our team less safe and set a bad model for the city. But I look forward to implementing this vaccine requirement and protecting everyone in our office as we look to return in person, safely."

72 Days and Counting - I Will Take No Questions From That Bronx Reporter of The Bronx Chronicle on the 540 Homeless Men DHS is Dumping in Community Board 11.

 

Do I have to get a new moderator? I told you I don't want to be asked any questions from Robert Press of the Bronx Chronicle. He is going to ask me about the Department of Homeless Services dumping of 540 single adult males into a small area of Community Board 11 in the Bronx, and I don't have an answer, nor do I want him to ask me about that.  He knows that there may be Level one and Level Two Sex offenders in the 540 single adult homeless men. I also don't want any community meetings because at one such homeless shelter meeting, the then Assistant DHS Commissioner Anabel Palma revealed that Level one and Level two sex offenders are placed into homeless shelters even if they are close to places where children are found such as schools, libraries, and pre K buildings. I had to find another position for Anabel elsewhere in my administration in charge of paper towels and toilet paper.

That reporter Robert Press has beat me up on NYCHA, Homelessness (before), the poor performance of Bronx public schools, and a whole bunch of other East Side Bronx problems. You would think that he is an elected official since he knows so much about what is going on. I wouldn't be surprised if he is able to do things that his local elected official on the state level can't get done. I should have hired him to be a part of my administration from day one, because Bob was with me when I introduced MIHZQA and knows more than most of my staff does. Oh well Charlene there is no media conference on Friday's, so we can enjoy another three day weekend. 

MAYOR DE BLASIO, COMPTROLLER STRINGER, AND TRUSTEES ANNOUNCE COMMITMENT TO ACHIEVE NET ZERO GREENHOUSE GAS EMISSIONS IN PENSION INVESTMENT PORTFOLIOS BY 2040

 

New York City is among the first cities in the nation to commit to a net zero emissions goal in their public pension funds; first city in the nation to set an ambition of reaching net zero emissions by as early as 2040

 

Goal to double investments in climate change solutions to over $8 billion by 2025 and achieve a total of $37 billion in investments by 2035 across three pension funds in line with a total of $50 billion in all pension fund investments  

 Mayor Bill de Blasio, Comptroller Scott M. Stringer, along with trustees of three of the City’s pension funds, today announced these funds have adopted a commitment to achieve net zero greenhouse gas emissions in their investment portfolios by 2040. This includes a goal to double investments in climate change solutions, such as renewable energy, energy efficiency and green real estate, to over $8 billion by 2025 and achieve a total of over $37 billion in climate solutions investments by 2035 across the three funds, in line with achieving the Mayor’s State of the City goal of $50 billion in total pension fund investments in climate change solutions by 2035.

 

The goal and plan to achieve net zero emissions by 2040, which were proposed jointly by the Mayor and Comptroller, addresses the vast financial, environmental and social risks that climate change poses to the funds and planet, will further align the funds’ investments with the accelerating transition towards a low carbon economy, and help limit global warming to 1.5 degrees Celsius to prevent the most devastating impacts of climate change. New York City is among the first cities in the nation to commit to a net zero emissions goal in their public pension funds, and is the first city in the nation to set an ambition of reaching net zero emissions by as early as 2040. The three New York City pension funds have also adopted the Net Zero Asset Owner Commitment of the Paris Aligned Investment Initiative (PAII), a former partner of the United Nations Framework Convention on Climate Change’s (UNFCCC’s) Race to Zero campaign, joining asset owners and investors globally in developing best practices to achieve net zero emissions.

 

“Climate change poses an existential threat to New York City, and we must do everything in our power to confront this crisis head on,” said Mayor Bill de Blasio. “In my State of the City address in January, I urged our pension funds to move to net zero greenhouse gas emissions by 2040 and to increase investments in climate change solutions to $50 billion by 2035. Today’s vote by the trustees will help the pension system meet these goals and ensure we have a livable planet for future generations to come.”

 

“We must act now and act boldly on climate change to protect the long-term interests of our beneficiaries, the sustainability of our pension investments and the stability and growth of the global economy,” said New York City Comptroller Scott M. Stringer. “Every year, the crisis of climate change becomes more stark and immediate. Achieving net zero emissions is an imperative for investors, businesses and government to maintain economic viability as well as livable conditions on the planet. As fiduciaries, we must mitigate the tremendous systemic risk that climate change poses to our pension funds and, to do this, we must ensure our investments support limiting global warming below 1.5 degrees Celsius. I thank the trustees for their adopting this commitment.”

 

The New York City Employees’ Retirement System (NYCERS) and New York City Teachers’ Retirement System (TRS) voted to approve a commitment to achieve net zero emissions by 2040 today and the New York City Board of Education Retirement System (BERS) is expected to move forward on a vote imminently. The goal is accompanied by a Climate Action Plan that outlines key elements of the commitment including (1) Increasing climate change solutions investments that achieve competitive market rate risk-adjusted returns, with an initial goal of doubling such investments in the portfolio to over $8 billion by 2025 and achieving a total of over $37 billion by 2035; (2) Developing and updating interim targets for reducing portfolio greenhouse gas emissions beginning with a target for 2030 or earlier using Scope 1 and 2 emissions and eventually including Scope 3 emissions; (3) Considering climate change risk and opportunity and net zero alignment in the evaluation,  selection and monitoring of asset managers; (4) Analyzing the carbon footprint of public markets investments annually for Scope 1, 2 and 3 emissions and appropriately expanding to additional asset classes; (5) Exploring appropriate tools for evaluating climate risks to the portfolio; and (6) Prioritizing proxy voting, engagement and policy advocacy that promote net zero emissions.

 

This new goal builds upon the funds’ recent actions to address the risks and opportunities presented by a global transition to a low carbon economy. In January 2021, the trustees voted to divest their portfolios of an estimated $4 billion in securities of fossil fuel reserve owners. This decision followed an extensive and thorough fiduciary process to assess the portfolio’s exposure to fossil fuel stranded asset risk and industry decline and other financial risks stemming from climate change, showing the prudent nature of the divestment actions adopted by the Boards. The divestment is expected to be complete within the original five year timeline.

 

In his State of the City speech in January of this year, Mayor de Blasio urged the City’s pension funds to move to net zero greenhouse gas emissions by 2040 and to increase investments in climate change solutions to $50 billion by 2035. The Mayor and Comptroller jointly introduced today’s resolution to adopt a goal to achieve net zero emissions by 2040. With their actions today the boards of NYCERS, Teachers and BERS have put the entire pension system on track to achieve these goals.

 

In March 2021, the Mayor, Comptroller and other trustees announced the funds have more than doubled investments in climate change solutions to over $6 billion with allocations and commitments by the end of this year. This surpasses the goal set in September 2018 to double the then $2 billion investment across all asset classes over three years 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.

 

Climate change creates both risks to some investments and opportunities for other investments.  As part of their fiduciary responsibility, city pension funds are working to address the risks and maximize the opportunities for its beneficiaries. Specific investments will be reviewed by the boards of individual pension systems consistent with their portfolio strategies.

 

Climate change poses significant threats to New York City. Rising temperatures; stronger, more destructive hurricanes; severe flooding; and increasing precipitation tied to climate change have already affected neighborhoods and communities across all five boroughs and are projected to become increasingly severe and costly over the coming decades. Only by achieving net zero emissions before 2050 and eliminating the use of fossil fuels can these challenges be fully addressed. Since net zero global emissions cannot be achieved by any one city, state, or country, the funds have joined the United Nations accredited Net Zero Asset Owners Commitment of the PAII to work collaboratively with other asset owners and pension funds toward this goal.

The participating New York City Pension Funds’ trustees are: 

 

New York City Employees’ Retirement System (NYCERS): Mayor Bill de Blasio’s Representative, John Adler (Chair); New York City Public Advocate Jumaane Williams; Borough Presidents: Gale Brewer (Manhattan), Donovan Richards (Queens), Eric Adams (Brooklyn), James Oddo (Staten Island), and Ruben Diaz, Jr. (Bronx); Henry Garrido, Executive Director, District Council 37, AFSCME; Tony Utano, President Transport Workers Union Local 100; Gregory Floyd, President, International Brotherhood of Teamsters, Local 237.

Teachers’ Retirement System (TRS): Mayor Bill de Blasio’s Appointee, John Adler; Chancellor’s Representative, Lindsey Oates, New York City Department of Education; Natalie Green Giles; and Debra Penny (Chair), Thomas Brown and David Kazansky, all of the United Federation of Teachers.

 

Board of Education Retirement System (BERS): Schools Chancellor Meisha Porter; Mayoral: Isaac Carmignani, Natalie Green Giles, Vanessa Leung, Gary Linnen, Lori Podvesker, Eric C. Henry, Kathy Park Price; Thomas Sheppard (CEC); Michael Kraft (Manhattan BP), Deborah Dillingham (Queens BP), April Chapman (Brooklyn BP), Geneal Chacon (Bronx BP) and Jaclyn Tacoronte (Staten Island BP); and employee members John Maderich of the IUOE Local 891 and Donald Nesbit of District Council 37, Local 372.