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New York State Common Retirement Fund to commit $500m to green investments
11/04/2008. Source: AltAssets. 
 The New York State Common Retirement Fund has announced its intention to increase its commitments to environmentally-focused investment strategies by $500m over the next three years.
Clean technology and renewable energy have become increasingly profitable,' New York State Comptroller Thomas P DiNapoli said when announcing the Green Strategic Investment Program. 'It is not just about doing good for the environment; going green is good for the bottom line too. The Common Retirement Fund has a unique opportunity to produce strong, risk-adjusted returns while at the same time supporting our goal of curbing greenhouse gas emissions and decreasing our dependence on foreign energy sources. This investment commitment will put us half a billion dollars ahead of the green curve.'
Currently, the fund has $40m invested in private equity funds focused on renewable energy and cleantech. It also has more than $440m in commitments to funds where cleantech is a component of the fund's overall strategy.
DiNapoli's Green Strategic Investment Program allows the fund to expand its private equity exposure to cleantech, while also encouraging additional green investments across the fund's entire portfolio.
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