The New York State Common Retirement Fund steered a fresh $2.4 billion in capital to three climate funds as part of its Sustainable Investments and Climate Solutions, or SICS, strategy. The new investments bring the total committed to SICS to $26.5 billion, toward a goal of $40 billion for such solutions by 2035.
“Climate change poses a real threat to our investments,” said State Comptroller Thomas DiNapoli said. “The actions announced today will help position the Fund to address those risks and seize on opportunities generated as the world transitions to a low-carbon economy.”
Sustainable infrastructure
Oaktree Capital Management got a $250 million slug for its Oaktree Power Opportunities Fund VII, which invests in electric power, water, wastewater and other energy and utility-related businesses in North America. Vision Ridge Partners received a $150 million investment in its Sustainable Asset Fund IV, which invests in real assets across energy, transportation, and agriculture that can help mitigate and adapt to climate change. The fund also invests primarily in North America.
The New York State pension fund also committed a fresh $2 billion to the FTSE Russell TPI 1000 Climate Transition Index, a global index fund that weights companies’ carbon emissions, fossil fuel exposure, and revenues from “green” products and services. The infusion follows a $2 billion investment in the index made by the fund in 2021.
As US markets tank in the face of economic policy uncertainty, global markets have been gaining.
