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- NYCERS commits to the UN’s Net-Zero Asset Owner Alliance, aligning with global efforts to achieve net-zero emissions by 2050.
- Strengthens its sustainable investment strategy, reinforcing leadership in mitigating climate risk.
- Collaborates with investors managing $9.5 trillion, amplifying impact on global climate initiatives.
The New York City Employees’ Retirement System (NYCERS) has joined the UN-convened Net-Zero Asset Owner Alliance (NZAOA), reinforcing its commitment to addressing climate change risks in its investment portfolio.
“This significant step builds on NYCERS’s history of climate leadership, underscoring our responsibility to confront the clear and present dangers of climate change,” said New York City Comptroller Brad Lander. “Climate risk is financial risk, and by joining the Net-Zero Asset Owner Alliance, we reinforce our commitment to sustainable investments that protect our retirees’ futures while pushing for a resilient, net-zero economy.”
Günther Thallinger, Board Member of Allianz SE and Chair of NZAOA, welcomed NYCERS:
“For a global organization like NZAOA, having a robust presence in every region is crucial to our mission. We are thrilled to welcome NYCERS as our newest North American member. This strategic partnership not only enhances our footprint in North America but also reinforces our commitment to fostering global collaboration and excellence.”
NYCERS manages nearly $89 billion in assets for over 350,000 current city workers and retirees.
Key initiatives include:
- Divesting from fossil fuel reserve owners in public equities and corporate bonds (completed in 2022).
- Excluding upstream fossil fuel investments in private markets as of 2023.
- Adopting a Net Zero by 2040 aspirational goal and implementing a plan focused on disclosing emissions, engaging companies, investing in climate solutions, and prudent divestment to reduce risk.
By joining NZAOA, NYCERS aligns with a coalition dedicated to transitioning investment portfolios to net-zero greenhouse gas emissions. Alliance members have set ambitious targets, reducing absolute financed emissions by at least 6% annually on average, as reported in NZAOA’s fourth Progress Report.
Among U.S.-based members, NYCERS joins organizations like CalPERS, Wespath, the David Rockefeller Fund, Jessie Smith Noyes Foundation, and The Russell Family Foundation.
NYCERS Trustees Include:
- Comptroller Brad Lander
- Mayor Eric Adams’ Appointee Bryan Berge, Director, Mayor’s Office of Pension and Investments
- Public Advocate Jumaane Williams
- Borough Presidents: Mark Levine (Manhattan), Donovan Richards Jr. (Queens), Vito Fossella (Staten Island), Vanessa L. Gibson (Bronx)
- Henry Garrido, Executive Director, District Council 37, AFSCME
- Richard Davis, President, Transport Workers Union Local 100
- Gregory Floyd, President, International Brotherhood of Teamsters, Local 237
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