SANTA FE, N.M. (KRQE) – New Mexico officials have been trying to move the state towards a greener future. Now, New Mexico’s Investment Council is heeding that message by putting some funds towards a new climate-friendly investment.
The state owns around $36.5 billion in investment assets. Since the State Investment Council was created in 1957, the Council has worked to not only protect the state’s funds, but to invest and grow the state’s cash as well. And now, for the first time, they’re investing in a climate infrastructure fund.
On Tuesday, the Council which is made up of public members and state officials, voted to invest $150 million into the Sandbrook Climate Infrastructure Fund. That fund takes that money and will invest it in businesses and projects that address at least one of several United Nations Sustainable Development Goals, according to a summary from the Investment Council.
The fund itself is relatively new. It was formed in 2021 and “focuses on investing in energy transition assets and companies that seek to combat climate change,” according to a summary by the Mercer asset management company.
Celebrating the investment, New Mexico State Land Commissioner Stephanie Garcia Richard tweeted in part: “A $150M investment, right where NM should be w/our money—on the cutting edge of renewable sustainable projects in NM and around the world!” But not everyone on Twitter was on board with the decision. One person replied with a gif indicating that the investment is a waste of money, although it’s not clear why they feel that way.
Now that the Council voted to put money into the fund, the final paperwork needs to be reviewed before the cash actually changes hands. Once it does, the investment will make up less than one percent of the Investment Council’s total assets.