De Blasio, Stringer announce goal to invest $4 billion in climate change solutions by 2020
BP Adams supports plan
Mayor Bill de Blasio, Comptroller Scott Stringer and other trustees of New York City’s pension funds recently announced a new goal to double the investments of the NYC Funds in climate change solutions to $4 billion, or 2 percent of the city’s $195 billion pension portfolio, over the next three years.
In order to accomplish this, city pension systems will aim to double the existing $2 billion investment across all asset classes to reach $4 billion of investment in renewable energy, energy efficiency and other climate solutions. This new target builds upon the funds earlier ongoing goal to divest city pension funds from fossil fuel reserve owners within five years.
“New York City leads from the front when it comes to the fight against climate change,” said de Blasio. “We’re taking a stand for generations to come with our goal to double our pension investments in job-creating climate solutions.”
The future is with big ideas in clean technology, not with big polluters,” said Stringer. “Today we’re showing that New York City will continue to lead the way in investing in sustainable investments that offer strong returns for New York City beneficiaries.”
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; 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 during the coming decades.
“As a trustee of the New York City Employees’ Retirement System, I am proud to help advance an increased investment in the climate change solutions of today and tomorrow. Sustainable investments are good for our environmental and fiscal health of our city. In fact, going green will earn us green,” said Brooklyn Borough President Eric Adams.
“Over the past few years, extreme weather phenomena have directly impacted many neighborhoods in Queens,” said Queens Borough President Melinda Katz. “These impacts show that we need to take bold action now to protect New York City from the future effects of climate change.”
“Climate change is one of the most serious threats our city, country, and world face today and I am proud of NYC for once again leading the way and investing in solutions. We need to act now. We cannot and will not allow the Trump Administration’s agenda destroy our environment,” said U.S. Rep. Carolyn Maloney, who represents Greenpoint, Western Queens including Roosevelt Island, and the Upper East Side of Manhattan.
“As we are seeing from recent hurricane seasons, climate change is altering our planet in dangerous ways. I’m proud to see New York City take another valuable step to not only minimize contributions to climate change, but to proactively seek to encourage sustainable, green technologies that can help tackle this problem for the long term,” said U.S. Rep. Nydia M. Velazquez, who represents much of North and West Brooklyn as well as the Lower East Side of Manhattan.
–Information from NYC Comptroller Scott Stringer’s office