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The divestment by city pension funds will be one of the largest in the world, Mayor Bill de Blasio and Comptroller Scott Stringer said. (Getty Images/spooh)
NEW YORK CITY A $4 billion divestment from fossil fuels by New York City could be an asteroid headed toward the destructive dinosaur of fossil fuels.
Or at least that s what Mayor Bill de Blasio and Comptroller Scott Stringer hope the city s upcoming divestment does for the fight against climate change. They announced the move Monday and touted it as one of the largest in the world. Climate change is the fight of our lives, and we must face it head on with everything we ve got – for our planet, for our children, and for our retirees, Stringer said in a statement. Since we announced our first-in-the-nation divestment goal, the urgent environmental and financial risks of climate change have only grown more clear. New York City is leading the way forward because we know the future is on the side of clean energy –
NYC to divest $4B from ‘fossil-fuel’ companies Shant Shahrigian
City officials on Monday touted a planned divestment of roughly $4 billion in pension funds from “fossil-fuel” companies, though they declined to name the businesses in question.
The New York City Employees’ Retirement System and the city Teachers’ Retirement System voted to sell off the securities, Mayor de Blasio and Comptroller Scott Stringer announced. The New York City Board of Education Retirement System was expected to soon follow in those footsteps.
The pension funds will sell off securities “identified based on demonstrated risk from fossil-fuel reserves and business activity” within about two years years, the officials said.