New York City Mayor Bill de Blasio and New York City Comptroller Scott M. Stringer announced on Thursday a plan to increase the $195 billion New York City Retirement Systems' investments in climate change solutions to $4 billion, or 2% of the portfolio, over the next three years.
The plan is to have the pension fund invest in energy efficiency, renewable energy and other climate solutions across all asset classes. The pension fund currently has $2 billion invested in these strategies.
"New York City leads from the front when it comes to the fight against climate change," said Mr. de Blasio in a news release announcing the initiative. "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."
Representatives from the mayor's and comptroller's offices could not be immediately reached for comment.