ALBANY, N.Y. (AP) — New York’s comptroller plans to shift domestic stock holdings in the state retirement fund to companies with lower carbon emissions in a new $2 billion index.
Comptroller Thomas DiNapoli says the investment strategy, announced at the United Nations Climate Change Conference in Paris, includes another $1 billion going separately into so-called “sustainable investments,” adding to $1.5 billion already there.
DiNapoli is sole trustee of the $173.5 billion retirement fund for 1 million state and local government workers and retirees.
He says the strategy will cut investments in companies that are large contributors to carbon emissions, like the coal mining industry.
The index, designed with Goldman Sachs Asset Management, is intended to shift investments without losing returns.
It weights stocks based on data reported to the Carbon Disclosure Project.