Windpower Engineering & Development

  • Home
  • Articles
    • Most recent posts
    • News
    • Featured
  • Resources
    • Digital issues
    • Podcasts
    • Suppliers
    • Webinars
    • Events
  • Videos
  • 2025 Leadership
    • 2024 Winners
    • 2023 Winners
    • 2022 Winners
  • Magazine
  • Advertise
  • Subscribe

NYC to double investment funds for climate change

By Michelle Froese | September 14, 2018

Mayor Bill de Blasio, Comptroller Stringer, and other trustees of New York City’s pension funds have announced a new goal to double the investments of the NYC Funds in climate change solutions to $4 billion or 2% of the city’s $195 billion pension portfolio over the next three years.

NYC's pension system will aim to double the existing $2 billion investment to reach $4 billion of investment in renewables, energy efficiency, and other climate solutions.

NYC’s pension system will aim to double the existing $2 billion investment to reach $4 billion of investment in renewables, energy efficiency, and other climate solutions.

To accomplish this objective, 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 Mayor de Blasio. “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.”

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 over the coming decades. Only by eliminating the use of fossil fuels and reducing the carbon pollution that drives climate change can these challenges be fully addressed.

Since climate change is a global problem that cannot be solved by any one city, state, or country, Mayor de Blasio has committed to spreading tools, knowledge, and best practices by partnering with the City of London to create and co-chairing the Divest/Invest Cities Divestment Forum.

“Climate change demands bold solutions. In January, New York City pledged to divest its pension funds from fossil fuels,” said Daniel Zarrilli, NYC’s Chief Climate Policy Advisor and OneNYC Director. “Today, we’re going even bigger by doubling our investments in climate solutions and putting $4 billion to work in fiscally responsible investments into clean energy and energy efficiency. If all investors followed our lead, we could leave fossil fuels behind us, deliver on the Paris Agreement, and build a better world for our children.”

New York City is working to change the paradigm for public pension plans and set a new standard for how asset owners, such as pension funds, can use their substantial investments to both do well for our beneficiaries and do good for the planet. 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.


Filed Under: Financing, News, Policy

 

About The Author

Michelle Froese

Related Articles Read More >

Richardson Electronics to deliver pitch energy modules to TransAlta wind fleets
Equinor halts work on Empire Wind offshore project after federal government order
ARESCA wants input on offshore wind standards
US wind market has worst install year since 2013

Podcasts

Wind Spotlight: Looking back at a year of Thrive with ZF Wind Power
See More >

Windpower Engineering & Development Digital Edition

Digital Edition

Browse the most current issue of Windpower Engineering & Development and back issues in an easy to use high quality format. Clip, share and download with the leading wind power engineering magazine today.

Windpower Engineering & Development
  • Wind Articles
  • Solar Power World
  • Subscribe to Windpower Engineering
  • About Us/Contact Us

Copyright © 2025 WTWH Media LLC. All Rights Reserved. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of WTWH Media
Privacy Policy | Advertising

Search Windpower Engineering & Development

  • Home
  • Articles
    • Most recent posts
    • News
    • Featured
  • Resources
    • Digital issues
    • Podcasts
    • Suppliers
    • Webinars
    • Events
  • Videos
  • 2025 Leadership
    • 2024 Winners
    • 2023 Winners
    • 2022 Winners
  • Magazine
  • Advertise
  • Subscribe