Three of New York City’s pension funds will aim to reach USD 37 billion (EUR 32bn) in total climate solutions investments between them by 2035.
The goal is part of the three funds’ commitment to achieve net zero greenhouse gas emissions in their investment portfolios by 2040, which was announced on Wednesday.
Over the next four years, by 2025, the three funds plan to double investments in climate change solutions like renewable energy, energy efficiency and green real estate to more than USD 8 billion.
The 2040 net zero emissions goal was approved on Wednesday by the New York City Employees’ Retirement System (NYCERS) and New York City Teachers’ Retirement System (TRS), with a vote by the New York City Board of Education Retirement System (BERS) being imminent.
The news comes after New York City mayor Bill de Blasio called on the city’s pension funds to transition to net zero emissions by 2040 and to lift investments in climate change solutions to USD 50 billion by 2035.
The commitments adopted by the three funds mean the entire pension system is on track to achieve these goals, according to the announcement by de Blasio, comptroller Scott Stringer and the trustees of the three funds.
“Climate change poses an existential threat to New York City, and we must do everything in our power to confront this crisis head on,” commented de Blasio.
(USD 1 = EUR 0.859)
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