New York’s state pension system, the third largest in the country, announced on Friday a shift of $2 billion into a low-carbon index fund developed in tandem with Goldman Sachs.
State Comptroller Thomas D. Napoli made the announcement from Paris.
More from Reuters:
New York State’s pension fund launched a $2 billion low-carbon index which will exclude or reduce investment in high-emitting industries such as coal mining, the State Comptroller said on Friday.
Launching the scheme from the global climate summit in Paris Thomas P. DiNapoli said: “Low-carbon, sustainable investments are key to our future …and this expansion of our commitment offers a sensible solution that will protect the Fund’s (New York Common Retirement Fund) investments.”
The low-emissions index was created in partnership with Goldman Sachs Asset Management.
As well as the low emission index, DiNapoli is committing an additional $1.5 billion to the Funds Sustainable Investment Program, taking its total commitment to sustainable investments to more than $5 billion.
The system manages $184 billion in assets.
Photo by Paul Falardeau via Flickr CC License
Deprecated: Function get_magic_quotes_gpc() is deprecated in /home/mhuddelson/public_html/pension360.org/wp-includes/formatting.php on line 3712
Deprecated: Function get_magic_quotes_gpc() is deprecated in /home/mhuddelson/public_html/pension360.org/wp-includes/formatting.php on line 3712
Deprecated: Function get_magic_quotes_gpc() is deprecated in /home/mhuddelson/public_html/pension360.org/wp-includes/formatting.php on line 3712