(Reuters) - New York State’s pension fund launched a $2 billion low-carbon index which will exclude or reduce investment in high-emitting industries such as coal mining, the State Comptroller said on Friday.
Launching the scheme from the global climate summit in Paris Thomas P. DiNapoli said: “Low-carbon, sustainable investments are key to our future ...and this expansion of our commitment offers a sensible solution that will protect the Fund’s (New York Common Retirement Fund) investments.”
The low-emissions index was created in partnership with Goldman Sachs Asset Management.
As well as the low emission index, DiNapoli is committing an additional $1.5 billion to the Funds Sustainable Investment Program, taking its total commitment to sustainable investments to more than $5 billion.
New York has the third-largest pension fund in the United States, with net assets of $184.5 billion held in trust as of end-March 2015, according to the Office of the State Comptroller’s website.
Reporting by Susanna Twidale; editing by Jason Neely