The $247.7 billion New York State Common Retirement Fund has committed approximately $400 million to two funds as part of its Sustainable Investments and Climate Solutions (SICS) Program.

The commitments are part of New York State Comptroller Thomas DiNapoli’s climate action plan to lower investment risks from climate change and help shift the pension fund to net-zero greenhouse gas emissions within the next 20 years.

“While climate change poses investment risks, it also creates opportunities for the state pension fund to invest in the companies and funds that are best positioned for the low-carbon future,” DiNapoli said in a statement. “The commitments we announced today aim to take advantage of the growth in climate investing and to strengthen our portfolio for the long-term.”

The pension fund committed approximately $300 million to Copenhagen Infrastructure Partners IV, a European investment fund that will focus on investments in renewable assets such as onshore and offshore wind, solar power, and climate infrastructure assets that support renewable power.

The fund was oversubscribed and closed last week with a hard cap of €7 billion ($8.46 billion) after having reached its target size of €5.5 billion in December. The fund’s investor base is made up of approximately 100 institutional investors that are mostly pension funds, life insurance companies, and family offices.

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