The New York City Comptroller has laid out a comprehensive plan to achieve its goal of net zero greenhouse gas emissions by 2040, recognizing that commitment must be met by action and that the risks to the pension beneficiaries of New York City are too high to delay implementation, according to the sustainability non-profit Ceres.
“Every investor should develop investor climate action plans with concrete steps they’ll take to address climate risks and opportunities. New York City has done so,” said Kirsten Snow Spalding, vice president of the Ceres Investor Network at Ceres. “The climate crisis is not waiting for us to choose convenient times to act. New York City’s exemplary plan notably calls on asset managers and companies to likewise develop and implement action steps, noting that the climate crisis cannot be mitigated by just a few actors.”
New York City’s plan is based on four pillars: disclosure and target setting for scopes 1, 2 and 3 emissions; engagement with portfolio companies and asset managers; investing in climate solutions; and asking private fund managers to exclude investments in new fossil fuel projects. To date, more than 400 institutional investors, including asset managers and asset owners, have committed to support net zero emissions across the economy by 2050. To get there requires well thought out, actionable plans to carry the capital markets to achieve the net zero goal in the time frame that scientists say is necessary to avoid the most catastrophic and irreversible effects of the climate crisis. Ceres and its global partners in the Investor Agenda have developed the Investor Climate Action Plans Expectations Ladder to help investors lay out comprehensive plans.