State Comptroller Increases State Pension Fund’s Sustainable Investment Program

December 11th, 2018

Earlier today, State Comptroller Tom DiNapoli announced an increase to the New York State Common Retirement Fund’s Sustainable Investment Program, raising its total commitment to $10 billion. An additional $3 billion will be invested in sustainable assets, which may include real estate or private equity, low-carbon index funds or green bonds.

Comptroller DiNapoli said:

“Climate change poses a significant threat to our investments. Smart, sustainable investments protect the long-term value of the Fund and at the same time can be a powerful tool for helping to address the risk of climate change. The current Administration in Washington may have withdrawn from the Paris Agreement, but in New York ‘We Are Still In’ and committed to making the Paris Agreement’s goals a reality. I’m determined to keep New York State’s pension plan well-funded and invested in the emerging low carbon global economy.”

Climate change activists have called on Comptroller DiNapoli to divest all state pension funds from fossil fuel-related investments, but he has resisted doing so. He said that he prefers to use the state’s $207 billion pension fund to pressure high-emissions industry companies to evaluate climate risks and take other measures to address climate change.