New York City to invest $4 billion of pensions funds in climate-change projects: report

New York City Mayor Bill de Blasio (D) on Thursday will announce a plan for the city to invest $4 billion of its pension funds into clean renewable energy and other climate-focused projects, according to the Wall Street Journal reported.

The investment amount, which is more than double the city’s current commitment, will span three years. The overall pension fund totals about $195 billion.

{mosads}“We believe the market will respond, leading to greater access and lower cost for green technologies that will help us build a cleaner, safer and fairer city,” de Blasio said in a statement.

The mayor has pledged to keep New York City at the forefront of the climate change battle despite President Trump pulling the U.S. out of the Paris climate agreement. He has also led the city on a plan to divest $5 billion from fossil fuel companies, including at least $189 million in pension funds within five years.

De Blasio signed an executive order in June 2017 committing the city to uphold the goals of the Paris agreement regardless of federal support. A number of state and city leaders nationwide have made similar pledges.

A new study financed by former New York City Mayor Michael Bloomberg projected that the U.S. will fall short of the Paris Climate Accord greenhouse gas emission reduction targets by about one-third.