New York City Comptroller Mark Levine announced Wednesday that the Bureau of Asset Management expects to present a $5 billion private-market climate investment proposal. The initiative would build on the city pension funds' existing climate-solutions investment strategy, with a new emphasis on real-world impact.
The Sierra Club welcomed the announcement, saying it supports efforts to make pension investments more effective in addressing climate change. The environmental group's statement came in response to the comptroller's proposal.
Further details on specific asset classes or timelines were not included in the announcement. The proposal is expected to be presented by the Bureau of Asset Management as part of the city's investment governance process.