New York, NY – At a press conference on April 24, 2026 – City Comptroller Mark Levine discussed the Fiscal Year 2025 Annual Climate Reports for three of New York City’s public pension systems.
The report highlights meaningful progress in the Systems’ efforts to advance a net zero economy. Between 2019 and 2025 there was a 48.13% weighted average reduction in Scope 1 and 2 greenhouse gas emissions for the NewYork City Teachers Retirement System, Employees Retirement System and Board of Education Retirement System.
The strong decline in financed emissions was achieved while also securing steady investment returns for the Systems. The five public pension systems saw a 10.3% return net of fees for FY25.
“The climate crisis has a direct impact on our global economy, and our pension systems are doing the hard work of protecting retirees while advancing a transition to a low-carbon economy. The progress laid out in this report is a reflection of the important role that reducing emissions exposure, investing in the clean energy transition, and holding companies accountable plays in smart pension management,” said New York City Comptroller Mark Levine.
TRS, NYCERS and BERS have exceeded their interim targets and yielded a total reduction of Scopes 1 and 2 financed emissions intensity in their public equity and corporate bonds portfolios (including investment grade, high yield and convertible bonds) by 49%, 46.68% and 45.72% respectively, since December 31, 2019. This surpasses their respective goals of 32%, 32% and 22% by 2025.
As of the end of FY25, virtually all of the three Systems’ public markets asset managers have agreed to align with the Systems’ expectations that managers adopt a net zero goal, science-based targets, or acceptable alternative approach to support a transition to a net zero economy. Managers are assessed primarily on whether they have a systematic approach to engage their portfolio companies to drive real-economy decarbonization. A clear assessment framework is provided in the FY25 report.
