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.
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. As we reported previously, a city and two counties in California are currently suing 37 fossil fuel companies, including Exxon, over greenhouse gas emissions.