NYC Comptroller Levine Announces Progress Made on Pension Efforts to Reduce Carbon Footprint and Reach Net Zero Greenhouse Gas Emissions

New York, NY – Today, New York City Comptroller Mark Levine released the Fiscal Year 2025 Annual Climate Reports for three of New York City’s public pension systems. The report highlights meaningful progress in the Systems’ efforts to advance a net zero economy. Between 2019 and 2025 there was a 48.13% weighted average reduction in Scope 1 and 2 greenhouse gas emissions for the New York City Teachers’ Retirement System (TRS), Employees’ Retirement System (NYCERS) and Board of Education Retirement System (BERS). The strong decline in financed emissions was achieved while also securing steady investment returns for the Systems. The five public pension systems saw a 10.3% return net of fees for FY25.

“The climate crisis has a direct impact on our global economy, and our pension systems are doing the hard work of protecting retirees while advancing a transition to a low-carbon economy. The progress laid out in this report is a reflection of the important role that reducing emissions exposure, investing in the clean energy transition, and holding companies accountable plays in smart pension management,” said New York City Comptroller Mark Levine.

TRS, NYCERS and BERS have exceeded their interim targets and yielded a total reduction of Scopes 1 and 2 financed emissions intensity in their public equity and corporate bonds portfolios (including investment grade, high yield and convertible bonds) by 49%, 46.68% and 45.72% respectively, since December 31, 2019. This surpasses their respective goals of 32%, 32% and 22% by 2025.

As of the end of FY25, virtually all of the three Systems’ public markets asset managers have agreed to align with the Systems’ expectations that managers adopt a net zero goal, science-based targets, or acceptable alternative approach to support a transition to a net zero economy. Managers are assessed primarily on whether they have a systematic approach to engage their portfolio companies to drive real-economy decarbonization. A clear assessment framework is provided in the FY25 report.

All of the three Systems’ public markets asset managers submitted plans in response to the Systems’ expectations, following robust engagement with the Comptroller’s Office’s Bureau of Asset Management (BAM). Many have also created or enhanced practices to meet each System’s net zero expectations, consistent with fiduciary duty. The Systems also set expectations for all private markets asset managers of funds undergoing due diligence to submit plans for alignment with the Systems’ net zero goals. All private markets managers of funds receiving commitments since the expectations took effect last year have also submitted plans.

As of January 2026, BAM updated the due diligence questionnaire used to inform investment recommendations, with more specific questions about asset managers’ approach to climate-related issues. This includes climate-related value creation, assessment of physical risks and resilience.

BAM has also continued to engage with public and private markets asset managers to encourage further action on net zero goals, science-based targets or other appropriate decarbonization goals.

Additional highlights of the Systems’ engagement with industry stakeholders:

• Engaged with a total of more than 100 public companies on climate change since the adoption of the net zero implementation plan to encourage the adoption of science-based targets and other decarbonization measures.
• BAM participated and continues to participate on behalf of NYCERS as a signatory of the Net Zero Asset Owners Alliance (NZAOA), and currently serves as Co-Lead of the NZAOA Engagement Track, and joined the Institutional Investors Group on Climate Change (IIGCC) Global Real Estate Sustainability Benchmark (GRESB) on behalf of NYCERS to serve as an industry-leading voice.
• During Climate Week 2025, BAM co-hosted a roundtable for 50 private equity managers to workshop portfolio decarbonization and value creation.
• BAM formally joined the ESG Data Convergence Initiative (EDCI), a global consortium of Limited Partners and General Partners, formed to promote industry-wide convergence towards a standardized, foundational set of environmental, social and governance metrics, including key climate metrics, in private markets.
• Convened a roundtable focused on addressing the need for a mutually agreeable framework for setting and assessing emissions reductions targets in the utility sector.
• Began engaging with portfolio companies on the increasing concern of the environmental impact of artificial intelligence data centers, which are increasing carbon emissions and electricity costs.
• Re-filed shareholder proposals at Bank of America, Goldman Sachs, Morgan Stanley and Wells Fargo to request an energy supply ratio which measures the banks’ financing of clean energy versus oil and gas. The Systems reached an agreement with JP Morgan, Citigroup, and Royal Bank of Canada in 2024 to disclose this ratio. JP Morgan and Citigroup disclosed the ratio for the first time in 2025 and Royal Bank of Canada calculated its own ratio and disclosed its methodology.

The Systems have also continued to exceed their goals for investments in climate change solutions. As of June 30, 2025, TRS, NYCERS and BERS have $7.34 billion, $5.4 billion and $726 million invested and committed to climate change solutions respectively. The Comptroller’s Office’s review of strategies for increasing these investments consistent with fiduciary duty remains ongoing.

In addition to Comptroller Levine, trustees of the New York City retirement systems are as follows:

Teachers’ Retirement System of the City of New York (TRS): Mayor Zohran Mamdani’s appointees: Philip Dukes and Joseph Borelli; Greg Faulkner, Chair, New York City Public Schools Panel for Educational Policy; and Thomas Brown (Board Chair), Victoria Lee, and Christina McGrath, all of the United Federation of Teachers.

New York City Employees’ Retirement System (NYCERS): Mayor Zohran Mamdani’s representative Philip Dukes (Board Chair); New York City Public Advocate Jumaane Williams; Borough Presidents: Donovan Richards Jr. (Queens), Antonio Reynoso (Brooklyn), Vanessa L. Gibson (Bronx), Brad Hoylman-Sigal (Manhattan), and Vito Fossella (Staten Island); Henry Garrido, Executive Director, District Council 37, AFSCME; John Chiarello, President, Transport Workers Union Local 100; and Gregory Floyd, President, International Brotherhood of Teamsters, Local 237.

Board of Education Retirement System of the City of New York (BERS): Members of the New York City Public Schools Panel for Educational Policy, including: Borough President Appointees Shirley Aubin (Queens), Camille Casaretti (Brooklyn), Jonathan Collins (Manhattan), Rima Izquierdo (Bronx), and Aaron Bogad (Staten Island); Elected CEC Members Adriana Alecia (Queens), Faraji Hannah-Jones (Brooklyn), Naveed Hasan (Manhattan), Brenida Parsons (Bronx), and Debra Altman (Staten Island); Mayoral appointees Joseph Borelli, Marjorie Dienstag, Amy Fair, Gregory Faulkner, Anita Garcia, Anthony Giordano, Dr. Angela Green, Alice Ho, Yadira Jimenez, Jessamyn Lee, Sharon Odwin, Alan Ong, Phoebe Sade-Arnold, and Maisha Sapp; New York City Public Schools Chancellor Kamar Samuels, represented by Karine Apollon (Board Co-Chair); as well as two elected employee members: Donald Nesbit, District Council 37, Local 372 (Board Co-Chair) and Frank Sirabella, IUOE Local 891.

You can read the Systems’ full and comprehensive reports on net zero efforts at the following links:

Teachers’ Retirement System of the City of New York (TRS):
https://comptroller.nyc.gov/reports/trs-annual-climate-report-fy2025

New York City Employees’ Retirement System (NYCERS):
https://comptroller.nyc.gov/reports/nycers-annual-climate-report-fy2025

New York City Board of Education Retirement System (BERS): https://comptroller.nyc.gov/reports/bers-annual-climate-report-fy2025

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