NYC Pension Invests in Post-Sandy Reconstruction
The projects include improvements to transportation, power, water, communications, and housing in New York City and throughout the tri-state area. While all projects will be rated on the basis of their return and the fund’s fiduciary standards, potential investments could range from repairing bridges to rebuilding housing destroyed by the hurricane. In addition to repairing and upgrading facilities used by hundreds of thousands of New Yorkers, the infrastructure fund could create thousands of jobs.
This pledge is part of a multi-year Clinton Global Initiative (CGI) Commitment to Action made by the AFL-CIO, American Federation of Teachers (AFT), and partners at the inaugural CGI America meeting in June 2011. Working with money managers, asset consultants, pension funds, developers, and federal, state and local governments, the Commitment to Action will finance the construction and repair of quality public infrastructure which will result in at least $10 billion in workers’ capital invested in this area within five years.
The CGI Commitment also includes a pledge to invest $10 to $20 million in energy efficient retrofits and an effort to train 40,000 new apprentices and 100,000 mid-career construction workers in the skills necessary to work on 21st century infrastructure projects. To date, the commitment has reached more than $2.7 billion of its total goal.