The New York State Common Retirement Fund (NYSCRF), one of the largest public pension funds in the United State, has committed $1.3 billion to two funds on behalf of its Sustainable Investments and Climate Solutions (SICS) Program.
Thomas DiNapoli, New York state comptroller and trustee of the fund, said $1 billion went to funds tracking the MSCI World ex-USA Climate Change Index, which is designed to address climate-related risks and opportunities by overweighting companies that will benefit from the transition to a low-carbon economy, while underweighting those that face greater risks due to climate change. The index considers key factors such as a company’s carbon intensity, climate risk management, potential stranded assets, physical risk exposure and development of climate-solution products and services.
To date, the fund has deployed more than $18 billion, toward its goal of $20 billion, to specific investment opportunities in the SICS Program. The vehicle has