The $195 billion New York City Pension Funds will double its green investments over the next three years, Comptroller Scott Stringer and Mayor Bill de Blasio announced Thursday.
The multi-year initiative will see the five-fund pension system increase its holdings in renewable energy, energy efficiency, and other climate-change solutions to $4 billion, or 2% of the mega-fund’s portfolio. These allocations will occur across all asset classes.
The move continues New York City’s crusade to fully divest from fossil fuels and other pollutants within five years as it aims to set a new standard for how asset owners can improve their performances while aiding the planet.
The pension system invests on behalf of all local teachers and other government employees.
Stringer, who sits on the New York City Pension Funds’ board, touted the city’s sustainable investment push. “By pledging to double our holdings in climate solutions, we’re becoming an important part of that solution,” he said. He said his office will present its recommendations to the board as it shifts its investment decisions.
“We’re taking a stand for generations to come with our goal to double our pension investments in job-creating climate solutions,” de Blasio added, imploring other cities to follow New York’s lead.