NYC pension funds are investing $4B into this initiative

The move to invest in green tech follows a sweeping City Council proposal from last month

New York /
Sep.September 13, 2018 10:30 AM

Mayor Bill de Blasio and the Manhattan skyline (Credit: Getty Images)

New York City is more than doubling its environmentally-friendly investments.

The city will invest $4 billion of its pension funds into climate-change solutions including renewable energy and clean water over the next three years, the Wall Street Journal reported. Mayor Bill de Blasio and Comptroller Scott Stringer oversee the more than $195 billion fund.

“We believe the market will respond, leading to greater access and lower cost for green technologies that will help us build a cleaner, safer and fairer city,” de Blasio said in a statement.

Stringer said the move will also benefit retiring workers, the report said. The green investments will offer stronger returns, he said.

The announcement comes on the heels of a proposal made last month by the City Council, which would mandate buildings to reduce carbon emissions by 20 percent between 2020 and 2030. Last month, a group of the city’s biggest developers — including SL Green Realty, Vornado Realty and Related Companies — also announced they would work toward that same goal.

Those plans would apply to more than 50,000 New York buildings of 25,000 square feet or more.

Buildings produce 75 percent of the city’s annual greenhouse gas emissions, according to city data.

Earlier this year, de Blasio and Gov. Andrew Cuomo said they would divest billions from fossil fuel companies. De Blasio also said New York City will adhere to the principles of the Paris Agreement, a global pact to reduce greenhouse gas emissions. [WSJ] — Meenal Vamburkar

 

Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
BLDG Management founder Lloyd Goldman (iStock)
BLDG plans 800K-sf tower in Long Island City
BLDG plans 800K-sf tower in Long Island City
Gary Barnett and Jay and Stuart Podolsky in front of 1645 First Avenue (Getty, Google Maps)
Gary Barnett site has one problem: the Podolsky brothers
Gary Barnett site has one problem: the Podolsky brothers
Oceanwide’s US business is sinking. Can it right the ship?
Oceanwide’s US business is sinking. Can it right the ship?
Oceanwide’s US business is sinking. Can it right the ship?
Renderings of The Eliza Apartments at the Redeveloped Inwood Library (New York Housing Conference)
Inwood affordable housing project moves forward after rezoning fight
Inwood affordable housing project moves forward after rezoning fight
Demir Sabanci and 41-47 West 57th Street (Sedesco, Google Maps)
Sedesco seeks rezoning for new Billionaires’ Row skyscraper
Sedesco seeks rezoning for new Billionaires’ Row skyscraper
611 St. Johns Place, Brooklyn, NY (Getty)
Workforce Housing Group solar deal will also pay for broadband
Workforce Housing Group solar deal will also pay for broadband
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...