New York state is creating an action plan to mitigate the effects of climate change on its $207.4 billion pension fund, state Comptroller Thomas DiNapoli (D) announced April 16.

The plan will be based on recommendations from the state’s Decarbonization Advisory Panel, which include ways to align with the international Paris climate change pact. That includes transitioning investments to 100 percent sustainable assets that are consistent with limiting temperature rise to 2 degrees Celsius (3.6 degrees Fahrenheit) above pre-industrial levels by 2030.

The panel on April 16 also recommended increasing the fund’s investments that...