NEW YORK NOW – New York is investing $400 million of its state pension fund into sources of renewable energy, State Comptroller Tom DiNapoli said Tuesday.
That comes as DiNapoli announced an objective in early December to reach zero net carbon emissions for the portfolio by the year 2040.
“New York State’s pension fund is at the leading edge of investors addressing climate risk, because investing for the low-carbon future is essential to protect the fund’s long-term value,” DiNapoli said.
The state comptroller’s office has committed $300 million to the Europe-based Copenhagen Infrastructure Partners IV, and $100 million to Excelsior Renewable Energy Investment Fund I, which is based in North America.
Both of those funds target investments in renewable sources, like offshore wind and solar energy.
Meanwhile, Gov. Andrew Cuomo’s Clean Energy Standard, announced in 2015 and approved by the Public Service Commission in 2016, set a goal of having half of all electricity used in the state generated from renewable sources by 2030.
Some environmental advocates have also called for the passage of the Climate and Community Investment Act.
If passed, that measure would allow oil companies to be charged $55 per ton of greenhouse gas emissions, for an estimated $15 billion annually over the first decade, according to officials with the NY Renews Coalition, a collection of environmental advocacy groups.
DiNapoli said Tuesday’s announcement was a part of his 2019 Climate Action Plan, which aims to commit $20 billion of the roughly $247.7 billion fund to sustainable investments.