NYC Comptroller Lander and Trustees Announce $7 Billion Milestone in Climate Solutions Investment

New York, NY – New York City Comptroller Brad Lander and trustees of the New York City Retirement Systems announced that investments in climate solutions have now reached more than $7 billion across all systems and asset classes as of the end of 2021, well exceeding the $4 billion goal set by three of the funds in 2018. These investments in companies that are helping to facilitate a just transition to a low carbon economy build on the $4 billion divestment by three of the five funds from companies that own fossil fuel reserves, which is expected to be completed later this year.

This milestone surpasses the goals set by the New York City Employees’ Retirement System (NYCERS), Teachers’ Retirement System (TRS), and Board of Education Retirement System (BERS), in 2018 to double their investments in climate solutions from $2 billion to $4 billion by 2022. In October 2021, the three Systems adopted a goal to achieve net zero greenhouse gas emissions by 2040. As part of this commitment, the three Systems set a goal to reach a total of $37 billion in climate solutions investments by 2035, in line with a total of $50 billion across all five Systems by 2035.

The climate solutions in the New York City Retirement Systems’ portfolio includes investments in companies that derive a majority of their revenue from climate mitigation, adaptation, and resilience activities, such as renewable energy, energy efficiency, pollution prevention, and low-carbon buildings. Climate solutions investments in the Systems’ portfolios have grown consistently and greatly in the last several years, more than doubling in value since 2018.

“Bold climate action to meet the moment in 2022 requires both keeping fossil fuels in the ground and investing in the renewable energy and resiliency infrastructure we need for a just transition. The New York City Retirement Systems are leading the way on bold measures to safeguard the long-term future of their portfolios and our planet. I’m proud to continue and expand on the work started by the previous administration, alongside my fellow trustees, to reach our goals of investing $50 billion in the green economy of the future by 2035,” said New York City Comptroller Brad Lander.

“Our city’s pension investments should be aligned with our values,” said Mayor Eric Adams. “At a time when the warnings about climate change are growing increasingly dire, our city must take bold action to address the crisis, proactively invest in renewable energy, and divest from fossil fuels. I am proud to stand with Comptroller Lander and the trustees of the New York City Retirement Systems in touting this major milestone, and will continue working alongside them to secure a greener, more livable future for all New Yorkers.”

“Today’s announcement is a win for New York City pensioners as well as our planet,” said Public Advocate Jumaane D. Williams. “As we move towards a green economy, we must invest in companies committed to a just transition away from fossil fuels and towards renewable and resilient energy sources. Green energy is the future both environmentally and also financially, and our city is dedicated to continuing divestment from companies with fossil fuel reserves as well as investing in companies pioneering climate solutions. As we celebrate this milestone, New York City is leading the way on how to responsibly and ethically invest public pension funds.”

“We must take bold steps to protect our planet and waterfront communities, and NYCERS is taking important steps to invest in a future that will protect future generations,” said Manhattan Borough President Mark Levine. “This is a major milestone, and I’m proud that our retirement systems supporting our collective future.”

The New York City Retirement Systems are composed of the New York City Employees’ Retirement System, Teachers’ Retirement System, Board of Education Retirement System, New York City Police Pension Fund, and New York City Fire Department Pension Fund.

Trustees of the New York City Retirement Systems are as follows:

New York City Employees’ Retirement System (NYCERS): New York City Comptroller Brad Lander; Mayor Eric Adams’ Representative Preston Niblack, Chair; New York City Public Advocate Jumaane Williams; Borough Presidents: Mark Levine (Manhattan), Donovan Richards (Queens), Antonio Reynoso (Brooklyn), Vito Fossella (Staten Island), and Vanessa L. Gibson (Bronx); Henry Garrido, Executive Director, District Council 37, AFSCME; Tony Utano, President Transport Workers Union Local 100; and Gregory Floyd, President, International Brotherhood of Teamsters, Local 237.

Teachers’ Retirement System (TRS): New York City Comptroller Brad Lander; Mayor Eric Adams’ Appointee Philip Dukes; Chancellor’s Representative, Lindsey Oates, New York City Department of Education; and Debra Penny (Chair), Thomas Brown and David Kazansky, all of the United Federation of Teachers.

New York City Police Pension Fund (PPF): New York City Comptroller Brad Lander; Mayor Eric Adams’ Representative Philip Dukes; New York City Finance Commissioner Preston Niblack; New York City Police Commissioner Keechant Sewell (Chair); Chris Monahan, Captains Endowment Association; Louis Turco, Lieutenants Benevolent Association; Vincent Vallelong, Sergeants Benevolent Association; Paul DiGiacomo, Detectives Endowment Association; and Patrick Lynch, John Puglissi, Joseph Alejandro, and Thomas Gilmore, all of the NYC Police Benevolent Association.

New York City Fire Pension Fund (Fire): New York City Comptroller Brad Lander; Mayor Eric Adams’ Representative Philip Dukes; Acting New York City Fire Commissioner Laura Kavanagh (Chair); New York City Finance Commissioner Preston Niblack; Andrew Ansbro, President, Robert Eustace, Vice President, Edward Brown, Treasurer, and Eric Bischoff, Staten Island Representative and Chair, Uniformed Firefighters Association of Greater New York; Liam Guilfoyle, Captains’ Rep.; Paul Mannix, Chiefs’ Rep., and Christopher Jensen, Lieutenants’ Rep., Uniformed Fire Officers Association; and Peter Devita, Marine Engineers Association.

Board of Education Retirement System (BERS): Schools Chancellor David C. Banks, Represented by Lindsey Oates; Mayoral: Tom Allon, Vasthi Acosta, Gregory Faulkner, Dr. Angela Green, Anthony Lopez, Alan Ong, Gladys Ward, Karina Tavera; Thomas Sheppard (CEC); Geneal Chacon (Bronx), Tazin Azad (Brooklyn), Kaliris Salas-Ramirez (Manhattan), Jaclyn Tacoronte (Staten Island), and Deborah Dillingham (Queens); and employee members John Maderich of the IUOE Local 891 and Donald Nesbit of District Council 37, Local 372.

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