The two largest pension funds in the New York City Retirement Systems agreed to achieve net-zero greenhouse gas emissions in their investment portfolios by 2040, said city Comptroller Scott M. Stringer and Mayor Bill de Blasio announced Wednesday.
Trustees of the New York City Teachers' Retirement System and the New York City Employees' Retirement System have voted to approve the policy, said a joint news release issued by the comptroller and the mayor. The former has assets of $102.2 billion and the latter has assets of $87 billion.
The $269.3 billion New York City Retirement Systems contains five pension funds, each with an independent board.
Trustees of the New York City Board of Education Retirement System are "expected to move forward on a vote imminently," the news release said. This pension fund has $8.8 billion in assets.
The $53 billion New York City Police Pension Fund and the $19.3 billion New York City Fire Pension Fund are not participating. Representatives of Mr. Stringer, who is the fiduciary for all five pension funds, did not return a request for comment.
The net-zero greenhouse gas pledge "includes a goal to double investments in climate-change solutions such as renewable energy, energy efficiency and green real estate, to over $8 billion by 2025," the news release said. The goal also is "to achieve a total of over $37 billion in climate solutions investments by 2035 across the three funds."
The goal and plan to achieve net-zero emissions by 2040 was proposed jointly by Messrs. Stringer and de Blasio.
"Achieving net-zero emissions is an imperative for investors, businesses and government to maintain economic viability as well as livable conditions on the planet," Mr. Stringer said in the release. "As fiduciaries, we must mitigate the tremendous systemic risk that climate change poses to our pension funds."
The votes by the pension funds' trustees "will help the pension system meet these goals and ensure we have a livable planet for future generations to come," Mr. de Blasio said in the release.