The New York State Common Retirement Fund has committed an additional $2.4bn to three funds as part of its Sustainable Investments and Climate Solutions (SICS) Program.

To date, the fund has deployed over $26.5bn, toward its goal of $40bn, to specific investment opportunities in the SICS Program. The Fund has made commitments to the SICS Program across asset classes including public equity, fixed income, private equity, credit, real assets and real estate.

“Climate change poses a real threat to our investments, but 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,” State Comptroller Thomas DiNapoli, trustee of the Fund, said.

The investments announced include: $2bn to the FTSE Russell TPI 1000 Climate Transition Index, an index fund that examines companies’ fossil fuel reserves, carbon emissions, green revenues, management quality and carbon performance. The index is designed to reflect the performance of global and diversified indices, weighted to account for the risks and opportunities related to climate change. This is in addition to the $2bn the fund committed to this strategy in 2021.

DiNapoli also announced that the fund has completed its annual review of thermal coal, oil sands, shale oil and gas, and integrated oil companies, which is a part of its broader review of the transition readiness of energy sector investments that face significant climate risk.

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