State Comptroller Makes Commitment To Green Investments

Subtitle:

Launch of Green Strategic Investment Program

Contact:

Dan Hendrick, (212) 361-6350, ext. 206

Teaser:

Tom DiNapoli, center, with NYLCV Long Island Chapter members Brian Muellers and John CameronComptroller Tom DiNapoli vows to invest pension funds amounting to $500 million in clean technologies and renewable energy, underscoring that investments in our environment can also be good for the bottom line. The comptroller made his announcement during a Webcast on environmental issues moderated by NYLCV Executive Director Marcia Bystryn.

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New York State Comptroller Thomas DiNapoli [1] 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 [2] 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.