Public Advocate's Statement On The City Committing To Net Zero Greenhouse Gas Emissions In Pension Portfolios By 2040, Investing In Climate Solutions

October 21st, 2021

Press Release

"When we committed to divesting from fossil fuels and investing in climate change solutions earlier this year, we rejected the thinking of the past and looked to the future. Now every extreme weather event heightens the urgency of action, and expediting the timeline for this transition is crucial, environmentally and economically. Natural disasters that were once extraordinary have become the norm, and we have to adapt our targets and timelines.

"Together with my Trustee Designee on the NYCERS board, I am proud that my office voted in support of a commitment to a net zero emissions goal in NYCERS and other municipal pension funds by 2040, together with aggressive expansions of investment in climate solutions. These steps provide for secure, sustainable investments to bolster the health of these pension funds and our climate for the long term. This is the fiscally and environmentally sound path forward, responsible with the finances of New Yorkers and responsive to the needs of our city and planet amid the climate crisis."

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