Big news, New Yorkers!

Together with trustees of the New York City Employees Retirement System (NYCERS) and the Teachers Retirement System (TRS), I am proud to announce a 4-step plan to reach net zero emissions in their investment portfolios by 2040.

Building on the pension funds' historic divestment of nearly $4 billion from fossil fuel reserve owners, this plan makes NYC one of the first public pension systems in the country with a comprehensive, concrete plan to reach Net Zero!

Will you take a moment to watch this video explaining our new Net Zero Implementation Plan, then please share it on social media?

The Net Zero Implementation Plan prudently addresses climate risks and maximizes opportunities to benefit New York City pensioners and beneficiaries, consistent with our fiduciary duty.

Here are the four strategies we'll use to achieve net zero:

• Disclose emissions and set interim targets, including measurable goals and benchmarks across all investments and operations.
• Engage asset managers and portfolio companies to be net zero-aligned to advance climate goals at the scale of the economy (like our efforts this spring to pressure banks to stop lending on new fossil fuel expansion projects).
• Invest in climate change solutions, such as renewable energy, energy efficiency, pollution prevention, and low-carbon buildings.
• Divest to reduce risk by asking all private markets managers to exclude upstream fossil fuel investments, building on the pension funds' historic divestment of fossil fuel reserve owners.

Can you watch our Net Zero Implementation Plan video, then share with your friends and family to spread the word about this important plan for New York City?

This is especially important right now, as politicians in red states wage a war of political distraction at the behest of their fossil fuel donors. Unfortunately, some asset managers and banks are back-tracking their commitments in the face of this cynical attack.

Without a united and ambitious effort, we will sacrifice our opportunity to maximize long-term investment returns, along with millions of lives and trillions of dollars of global investment.

Our Net Zero Implementation Plan is a tangible, measurable roadmap toward decarbonization across our investment portfolio and the global economy. You can read the plan in its entirety here.

It's a long-term plan, but it couldn't be more urgent.

- Brad