Launch of Green Strategic Investment Program

New York State Comptroller Thomas DiNapoli on Monday announced the launch of his Green Strategic Investment Program, which will increase commitments to environmentally focused investment strategies by $500 million over the next three years across the New York State Common Retirement Fund’s entire portfolio. DiNapoli made the announcement during an Environmental Advisory Webcast he hosted in partnership with Pace Law School.

“Clean technology and renewable energy have become increasingly profitable,” DiNapoli said. “It’s not just about doing good for the environment; going green is good for the bottom line too. The Common Retirement Fund has a unique opportunity to produce strong, risk-adjusted returns while at the same time supporting our goal of curbing greenhouse gas emissions and decreasing our dependence on foreign energy sources. This investment commitment will put us half a billion dollars ahead of the green curve.”

Currently, the Fund has $40 million invested in private equity funds focused on renewable energy and clean technologies (clean tech). The Fund also has more than $440 million in commitments to funds where clean tech is a component of the Fund’s overall strategy. This includes more than $16 million already invested in New York-based clean tech companies through the Fund’s Instate Co-Investment Program.