Ginny Roscamp, Deputy Press Secretary, Federal Communications, Sierra Club, ginny.roscamp@sierraclub.org
NEW YORK — The Sierra Club applauds New York City Comptroller Brad Lander and the trustees of three of New York City’s public pension funds (NYCERS, TRS, and BERS) for today’s announcement that the pension systems have made significant progress on their plan to reach net-zero emissions in their investment portfolio by 2040.
The progress includes surpassing their 2025 interim emissions reduction targets, meeting their climate solution investments goal ahead of schedule, and succeeding in placing shareholder proposals for energy finance disclosures on the ballots of three major U.S. banks this spring — Bank of America, Goldman Sachs, and Wells Fargo. Read more in NYC’s press statement.
The New York City retirement system is the fourth largest pension system in the U.S. The system includes NYCERS, TRS, and BERS, which have made net-zero commitments, as well as POLICE and FIRE, which have not.
In response to the announcement, representatives from the Sierra Club’s Sustainable Finance campaign and the New York City Group issued the following statements:
“At a time when corporations and financial institutions are retreating from climate commitments, New York City’s pensions are showing bold leadership. By exceeding their interim emissions reduction targets ahead of schedule and accelerating investments in climate solutions, they’re setting the standard for aligning climate action with fiduciary duty. This progress sets a powerful example for public pensions across the country, showing that addressing climate risk is essential to protecting economic stability and workers' long-term savings. As part of the broader net-zero transition, pensions and other investors should take immediate action by supporting shareholder votes for climate accountability at corporate annual meetings this spring,” said Ben Cushing, director of the Sierra Club’s Sustainable Finance campaign.
“Climate change poses a systemic risk to the New York City pension system and to the health and well-being of New Yorkers. We applaud Comptroller Lander and the New York City pension trustees for acting now — ahead of schedule — to reduce emissions from the city's pension funds, and to reinvest in renewable energy and climate solutions. As climate change rapidly intensifies its harmful impacts on our communities, New York City’s pension system continues to lead by example — prioritizing the safety of our communities and the long-term strength of workers’ retirement savings,” said Karl Palmquist, chair of the Sierra Club’s New York City Group.
BACKGROUND
New York City’s public pension funds are national leaders in mitigating climate risk in investment portfolios. In October 2021, the pension funds committed to reach net zero by 2040, and set a robust goal of investing $37 billion in investments by 2035. In April 2023, the pension funds adopted an implementation plan to achieve those goals.
In April 2024, after successful shareholder engagements, the pension funds reached agreements with JPMorgan Chase, Citi, and the Royal Bank of Canada to disclose their energy financing ratios. JPMorgan became the first major U.S. bank to publish its data in 2024.
About the Sierra Club
The Sierra Club is America’s largest and most influential grassroots environmental organization, with millions of members and supporters. In addition to protecting every person's right to get outdoors and access the healing power of nature, the Sierra Club works to promote clean energy, safeguard the health of our communities, protect wildlife, and preserve our remaining wild places through grassroots activism, public education, lobbying, and legal action. For more information, visit www.sierraclub.org.