December 20, 2017 / 3:14 AM / a year ago

NY City Comptroller proposes pension funds to cut fossil fuel portfolio

(Reuters) - New York City Comptroller Scott Stringer said on Tuesday his office would propose to the trustees of the NYC pension funds to explore stopping additional investments in fossil fuels and increasing investments in clean energy.

The proposals in the coming weeks will also include divesting current holdings in fossil fuel companies as part of efforts to reduce carbon footprint in various portfolios, Stringer said in a statement.

As trustee and custodian of the city's five pension funds, Stringer and his staff oversee its $160 billion public pension system

Stringer said earlier this year that New York City pension system would analyze its carbon footprint for the first time amid concerns of potential investment risks from companies that fail to adapt to climate change.

Reporting by Bhanu Pratap in Bengaluru; Editing by Gopakumar Warrier

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