The $242.3 billion New York State Common Retirement Fund has committed $1.3 billion to two funds as part of its Sustainable Investments and Climate Solutions program. It also earmarked more than $600 million to alternative investments in February.
The pension program committed $1 billion to funds tracking the MSCI World ex USA Climate Change Index, which overweights companies expected to benefit from the transition to a low-carbon economy and underweights companies facing greater climate change risks. A company’s carbon intensity, climate risk management, potential stranded assets, physical risk exposure and development of climate solution products and services are the key factors assessing these rankings.
Finally, within the pension fund’s emerging manager program, which invests in newer, smaller and diverse firms, $15 million was allocated to the Empire GCM RE Anchor Fund, which will focus on creating and acquiring industrial outdoor storage in the Netherlands, Germany and Sweden.
Author(s): Michael Katz
Publication Date: 10 April 2023
Publication Site: ai-CIO