New York Comptroller Aims to Double Pension Plan’s ESG Funding
New York State Comptroller Thomas P. DiNapoli pledges to double the New York State Common Retirement Fund’s sustainable investments.
That will bring the pension program’s environmental, social, and governance (ESG)investments to $20 billion over the next decade.
To aid in that effort, he will next create a multi-asset climate solutions program, which will operate similarly to its emerging manager program. It will work with managers, consultants, and index providers on creating alignment with the fund’s sustainability goals.
The fund intends to better assess its exposure to climate-heavy risk sectors recommended by the Task Force on Climate-related Financial Disclosures. These include energy and utilities, transportation, materials and buildings, agriculture, food and forest products, and financials.
Also, the fund will also create new evaluation tools, hire ESG-centric staff, and help managers, data and index providers, and consultants in meeting asset class-specific metrics and its own standards for companies in each high-risk sector, starting with thermal coal.
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