NYC doubling pension fund dollars in 'climate solutions'

Published 09-13-2018

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NEW YORK (AP) - New York City plans to double the share of its pension fund invested in renewable energy, energy efficiency and other industries that aim to combat global warming.

Mayor Bill de Blasio and city Comptroller Scott Stringer announced the new goal Thursday.

Now, about $2 billion of the city's $195 billion in pension funds is invested in what are sometimes called climate solutions. The new plan would raise that investment to $4 billion over the next three years.

The mayor and comptroller, both Democrats, say the city will seek investments that do good for the environment while doing well for the funds' returns.

In another financial move aimed at fighting climate change, New York City and state announced plans last winter to divest their pension funds of fossil fuel investments.

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