The two largest pension funds in New York City’s retirement systems have agreed to achieve net zero greenhouse gas emissions in their investment portfolios by 2040, the supervisor of New York City said on Wednesday. City Scott M. Stringer and Mayor Bill de Blasio.
Administrators of the New York City Teachers’ Retirement System and the New York City Employee Retirement System have voted to approve the policy, a joint press release from the comptroller and mayor said. . The former has assets of $ 102.2 billion and the latter has assets of $ 87 billion.
New York City’s $ 269.3 billion pension systems contain five pension funds, each with an independent board of directors.
Administrators of the New York City Board of Education pension system “are expected to move forward with a vote imminent,” the press release said. This pension fund has assets of $ 8.8 billion.
The $ 53 billion New York Police Department pension fund and the $ 19.3 billion New York City Fire Department pension fund do not participate. Representatives for Mr Stringer, who is the trustee of the five pension funds, did not return a request for comment.
The commitment to net zero greenhouse gas emissions “includes a target to double investments in climate change solutions such as renewable energy, energy efficiency and green real estate, to more than $ 8 billion. dollars by 2025, “the press release said. The goal is also “to achieve a total of more than 37 billion dollars of investments in climate solutions by 2035 in the three funds”.
The goal and plan to achieve net zero emissions by 2040 was jointly proposed by Messrs. Stringer and de Blasio.
“Achieving net zero emissions is an imperative for investors, businesses and government in order to maintain economic viability as well as living conditions on the planet,” Stringer said in the statement. “As trustees, we must mitigate the enormous systemic risk that climate change poses to our pension funds.”
The votes of pension fund administrators “will help the pension system achieve these goals and ensure that we have a liveable planet for future generations,” de Blasio said in the statement.