New York City’s pension funds to double green investment to $4 billion

By Susanna Moon

Chicago, Sept. 14 – New York City’s pension funds plans to double its investments in climate change solutions to $4 billion, or 2% of the city’s $195 billion pension portfolio, over the next three years, according to an announcement.

To do this, the city’s pension systems will double its $2 billion investment across all asset classes in renewable energy, energy efficiency and other climate solutions, the release noted.

The initiative builds upon the city’s goal to divest 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,” Mayor Bill de Blasio said in a statement.

“We’re taking a stand for generations to come with our goal to double our pension investments in job-creating climate solutions. I know that other cities will look to our example, and I implore them to join us.”

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