New York State Common Retirement Fund, Albany, selected the FTSE Environmental Technology 50 index and the HSBC Global Climate Change index as its benchmarks for $200 million in investments, confirmed Robert Whalen, spokesman for state Comptroller Thomas DiNapoli, the $116.5 billion fund’s sole trustee.
The fund will benchmark $100 million to each of the indexes, Mr. Whalen said, noting they are the first commitments to the fund’s Green Strategic Investment Program, which was created in April 2008 with the intention of increasing the fund’s exposure to environmentally focused investments. The fund will internally manage investments in companies included in the FTSE and HSBC indexes, Mr. Whalen said.
“We’re still looking for good investments that fit into the paradigm of the program,” said Mr. Whalen, noting the fund plans to increase investments in environmentally focused strategies by another $300 million over the next two years. “The program cuts across all asset categories, so we’ll also be looking at private equity, hedge funds and real estate,” he said.
According to a news release today from FTSE Group, companies included in the FTSE Environmental Technology 50 must derive at least 50% of their core business from the development and deployment of environmental technologies, including renewable and alternative energy, energy efficiency, water technology and waste control.