New York City is planning to divest its $189bn pension funds from fossil fuels within five years, while also suing leading firms BP, Exxon Mobil, Chevron, ConocoPhillips and Shell over damage, such as erosion and flooding, caused by climate change. The city’s five pension funds have an estimated $5bn invested in fossil fuels, making this move, the first by a major US city, one of the largest ever divestments. Stringer admitted the divestment will be “complex” and will take some time but said the city’s pension funds could promote sustainability while also protecting the retirement of teachers, police officers and other city workers. “Climate change poses risks for our city and all communities across the country,” said Bill de Blasio, mayor of New York.
New York City is planning to divest its $189bn pension funds from fossil fuels within five years, while also suing leading firms BP, Exxon Mobil, Chevron, ConocoPhillips and Shell over damage, such as erosion and flooding, caused by climate change. The city’s five pension funds have an estimated $5bn invested in fossil fuels, making this move, the first by a major US city, one of the largest ever divestments. “Climate change poses risks for our city and all communities across the country,” said Bill de Blasio, mayor of New York.