Treasurer Kurt Summers Announces Chicago has Joined United Nations-Supported Responsible Investing Initiative

PRIChicago becomes the first city in the world to commit to the UN’s Principles for Responsible Investment
 
San Francisco, CA – Today, Chicago City Treasurer Kurt Summers announced that Chicago has become the first city to join the United Nations-supported Principles for Responsible Investment (PRI). He made the announcement as the closing speaker at an annual conference held for PRI signatories, which began with an opening keynote speech from former Vice President Al Gore.
 
“I’m excited to announce today that we have proudly committed to the United Nations-supported Principles for Responsible Investment, joining roughly 2,000 existing signatories representing about $80 trillion in assets,” Summers said.  “This step is part of our larger work to integrate Environmental, Social, and Governance (ESG) factors into our investment decisions. Over the past few years, my office has conducted rigorous analysis to determine which ESG factors are material to financial performance—and are important to the lives of Chicagoans.”
 
“The City of Chicago is ready to lead the charge in new and innovative investment strategies for a sustainable future.”
 
This announcement comes after the City Treasurer’s Office has taken a number of actions over the past year to invest for impact, aligning its investments with Chicago’s priorities. depositing $20 million in the last black-owned bank in Chicago; making progress on the Chicago Community Catalyst Fund; and integrating ESG factors into 100% of investment decisions on corporate securities.
 
With the implementation of its ESG model and its commitment to PRI, the City Treasurer’s Office has now developed a roadmap for other municipal fiduciaries to follow. “As the first city to make this commitment, we are now leading the way for an entirely new class of investors, representing $3 trillion in financial assets held in state and local treasuries,” Treasurer Summers said.
 
Fiona Reynolds, the chief executive officer for PRI, commended Summers for his leadership in bringing government investors to the movement. “Having the Chicago City Treasurer’s Office as the first city treasury to join the PRI is a landmark development,” said Reynolds, “which sends a powerful signal to other city and state treasuries of the importance of sustainable, responsible, and impact investing. We are delighted to welcome them to the PRI, and we applaud this bold move.”
 
The PRI currently has roughly 2,000 investment managers, asset owners, and service providers as signatories, representing approximately $80 trillion in assets. PRI signatories commit to a voluntary and aspirational set of six investment principles that include actionable standards for incorporating ESG issues into investment practices. The announcement that Chicago has joined the initiative came at the annual PRI in Person conference in San Francisco, CA.
 
For more information on the six Principles for Responsible Investment, visit www.unpri.org/pri.

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