New York Pension Shifts $2 Billion Into Low-Carbon Index

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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

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