NYSCRF Boosts Green Infrastructure Investments, Divests from Fossil Fuels
The New York State Common Retirement Fund (NYSCRF), which oversees $273 billion in assets, expanded its Sustainable Investments and Climate Solutions Program by committing to two private funds.
A $250 million allocation was made to Oaktree Power Opportunities Fund VII, managed by Oaktree Capital Management. The fund focuses on infrastructure investments, including electric power, solar, and water systems, emphasizing aging infrastructure, energy efficiency, and renewable energy, primarily in North America.
An additional $150 million was committed to Vision Ridge Partners Sustainable Asset Fund IV. This fund targets climate mitigation and adaptation through investments in energy, transportation, and agriculture, focusing on developing and transforming assets, mainly in North America.
NYSCRF continues to restrict investments in 39 coal, oil sands, and shale oil and gas companies, adding eight new restrictions—Kinetic Development Group, NLC India, PT Petrindo Jaya Kreasi, Yancoal Australia, Civitas Resources, Peyto Exploration & Development, Texas Pacific Land, and Viper Energy—deemed unprepared for a low-carbon economy.
Meanwhile, 11 companies were removed from the restricted list. The fund will divest approximately $31.1 million in newly restricted securities prudently and avoid direct purchases, holdings, or investments through actively managed accounts in these firms.
In 2024, New York State Comptroller Thomas DiNapoli set a target to allocate $40 billion to sustainable investments and climate solutions by 2035.