In June of 2019, Comptroller DiNapoli released a Climate Action Plan, which provides a roadmap for the Common Retirement Fund (CRF) to address climate-oriented risks and opportunities. A key component of the plan is the creation of the Sustainable Investments and Climate Solutions (SICS) program, a multi-asset class portfolio of institutional sustainable investment and climate-related themes. In 2023, the Fund increased its SICS target to $40 billion from the initial goal of $20 billion achieved the same year.
Andrew Siwo is the Director of the SICS program and will build on the Fund’s existing commitment by leading the effort to reach the goal over the next decade.
To date, the Fund has made commitments in renewable and clean energy, climate index funds, green bonds, affordable housing, sustainable infrastructure and more. The Fund also assesses how managers account for ESG (environmental, social, governance)-related risks and opportunities. The Fund set 2040 as its target for reaching net zero greenhouse gas emissions. Accelerating the Fund's investments in climate solutions is essential to protecting and growing retirement assets. An implementation update can be found in the Climate Action Plan Progress Report.
CRF Sustainability Themes
Resources and Environment
Climate and environment
Reducing the effects of climate change through low carbon initiatives.
Resource efficiency
Making the most of available natural resources.
Pollution and waste management
Minimizing pollution and improving conditions for local communities.
Human Rights & Social Inclusion
Education
Improving the quality of and access to education, particularly for underserved groups.
Demographic empowerment
Ensuring access for diverse groups among critical decision-making bodies.
Health and wellbeing
Improving conditions to support human health, nutrition, and quality of life.
Economic Development
Financial inclusion
Expanding access to banking, credit, and other vital financial services for underserved populations.
Sustainable infrastructure
Funding infrastructure that expends economic opportunity and meets standards for environmental management.
Affordable housing
Creating equal housing opportunity for low-income families and communities that are chronically underserved.
Please send any individual inquiries regarding the Sustainable Investments and Climate Solutions (SICS) program to [email protected].