New York City’s retirement funds pledged to reach net-zero greenhouse gas emissions across its investment portfolios by 2040, becoming one of the first cities to do so.
The plans call for doubling investments in renewable energy, energy efficiency and other climate-related solutions to more than $8 billion by 2025, according to a statement Wednesday from New York City Comptroller Scott Stringer. By 2035, the allocation will exceed $37 billion.
Three of the five public pensions that the comptroller oversees are part of the climate pledge — New York City Employees’ Retirement System, New York City Teachers’ Retirement System and New York City Board of Education Retirement System. The announcement from the largest U.S. city follows a similar pledge made last year by the state of New York.