New York City comptroller lays out net-zero plan for two pension funds

Brad Lander, New York City comptroller, has announced a four-step plan to reach net-zero emissions in two New York pension funds’ investment portfolios by 2040.

Under the plan, the New York City Employees Retirement System (NYCERS) and the Teachers Retirement System (TRS) will disclose emissions and set interim targets, including measurable goals and benchmarks across all investments and operations; engage asset managers and portfolio companies to be net zero-aligned to advance climate goals at the scale of the economy; invest in climate change solutions, such as renewable energy, energy efficiency, pollution prevention and low-carbon buildings; and divest to reduce risk by asking all private markets managers to exclude upstream fossil fuel investments. The pension funds have already divested nearly $4 billion from fossil fuel reserve owners.

New York City is among the first cities in the nation to commit to achieving net zero greenhouse gas emissions in its public p