New York City’s Retirement Funds pledged, to reach Net-Zero Greenhouse Gas Emissions across its Investment Portfolios by 2040, becoming One of the First Cities to do so.
The Plans call for Doubling Investments in Renewable Energy, Energy Efficiency, and other Climate-related Solutions, to more than $8 Billion by 2025, according to a Statement Wednesday. from New York City Comptroller Scott Stringer. By 2035, the Allocation will exceed $37 Billion.
Three of the Five Public Pensions that the Comptroller Oversees, are part of the Climate Pledge: New York City Employees’ Retirement System; New York City Teachers’ Retirement System; and New York City Board of Education Retirement System.
The Announcement from the Largest U.S. City follows a similar Pledge, made last year by the State of New York.
New York City will First focus on Scope 1 and Scope 2 Emissions, which are those Produced directly by a Company, and those associated with the Purchase of Power, and eventually will include Scope 3, which are Emissions produced by a Company’s Supply Chain, and customers, according to the Statement.
The New York City’s Pensions have announced Plans to Divest about $4 Billion worth of Fossil Fuel-related Investments.
New York City’s Five Pensions collectively Oversaw more than $270 Billion, as of July, for Current and Former City Employees, and Retirees.
Forty-Seven City Schools and some Water Treatment Facilities, will receive Solar Panels in an effort to Advance the State's Clean Energy plans, Gov. Kathy Hochul (D) announced on Wednesday.
The Projects are expected to generate more than 25 megawatts of Power, enough for about 1,300 Homes.
While that’s a Tiny Fraction of the City, the move help will help ease the Problem of bringing Clean Power to the Densest corner of the US, without having to build Long-Haul Transmission Lines.
New York City has a Goal of installing 100 megawatts of Solar on Properties it owns by 2025.
The systems will also include up to 6.6 megawatts of Energy Storage which should support the Reliability of Solar Power as an Energy Source.
Construction of the Project will be Managed by the New York Power Authority, and is set to begin in early 2022.
The Systems will be Phased into Operation that year and the following one.
The Power Purchase Agreements are with ENGIE North America and Ameresco Inc., and they will help New York reach the Clean Energy Targets that were Outlined in its 2019 Climate Leadership and Community Protection Act, known as the Climate Act.
NYC Wins When Everyone Can Vote! Michael H. Drucker
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