Trustees for New York City’s two largest pension funds have approved a plan to divest from some upstream natural gas, oil and coal companies by 2025. 

Led by Comptroller Brad Lander, trustees are ready to implement plans to achieve net-zero emissions by 2040 in the New York City Employees’ Retirement System (NYCERS) and the Teachers’ Retirement System (TRS) investment portfolios. 

“The Net Zero Implementation Plans are a tangible, measurable roadmap toward decarbonization across our investment portfolio and the global economy,” Lander said. “NYCERS and TRS’ plans will prudently address climate risks and maximize opportunities to benefit New York City pensioners and beneficiaries, consistent with our fiduciary duty.” 

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