New York State Comptroller Thomas P. DiNapoli has laid out a climate action plan to mitigate climate risk associated with the investments of the $210 billion New York State Common Retirement Fund, Albany, for which Mr. DiNapoli is the sole trustee.
As part of the plan, Mr. DiNapoli will double the fund's commitment to its sustainable investment-climate solutions program to $20 billion over the next decade, said Matt Sweeney, spokesman for the state comptroller's office. The fund will also hire a dedicated staff to identify sustainable investment opportunities, including climate solutions.
"The fund has taken many steps to assess and address climate risk already, but clearly more must be done and done quickly," Mr. DiNapoli said in a news release. "This is a proactive plan to mitigate climate risk, capitalize on opportunities in the growing low carbon economy and protect the fund's long-term value."
The climate action plan will also continue encouraging money managers to support climate risk management, strategic planning and reporting; reassess and reevaluate the climate-related strategies of the fund's managers; and encourage index providers to integrate climate risks and opportunities into the construction of their indexes, Mr. Sweeney said.
The fund may also divest from companies that fail to meet minimum standards.