The New York State Common Retirement Fund is committing $500 million to “green” investments over the next three years. The Fund currently has $40 million invested in private equity funds focused on clean tech and renewable energies, and another $440 million in commitments to funds that include cleantech as part of their investment strategies.
New York State Comptroller Thomas P. DiNapoli today 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 he hosted in partnership with
“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.
The Fund has been reviewing the clean tech and renewable energy sectors for potential private equity investments since 2005. DiNapoli's Green Strategic Investment Program allows for the expansion of the Fund's private equity exposure to these sectors while encouraging additional investments across the Fund's entire portfolio.
Investments made under DiNapoli's new Green Strategic Investment Program will be identified in the Comptroller's monthly transaction report.