New York State Pension Fund Divests $4 Billion from Fossil Fuels

Mayor de Blasio, Comptroller Stringer, and Trustees Announce Estimated $4 Billion Divestment from Fossil Fuels

New York City’s largest pension funds achieve first in the nation goal of divesting from fossil fuel reserve owners - expected to be one of the largest fossil fuel divestments in the world  

NEW YORK—Mayor Bill de Blasio, Comptroller Scott M. Stringer, along with trustees of two of the City’s pension funds, today announced these funds have voted to divest their portfolios of estimated $4 billion from securities related to fossil fuel companies. The divestment, expected to be one of the largest in the world, will address the significant financial and environmental risks that these fossil fuel holdings pose to the funds and to our planet.  In 2018, New York City became the first major city in the nation to commit to divesting major public pension funds from fossil fuel reserve companies. Since the initial announcement hundreds of other institutions, governments, and entities have joined this commitment. The City also partnered with C40 and London to engage other cities to pursue fossil fuel divestment.   

“Fossil fuels are not only bad for our planet and our frontline communities, they are a bad investment,” said Mayor Bill de Blasio. “Our first-in-the-nation divestment is literally putting money where our mouth is when it comes to climate change. Divestment is a bold investment in our children and grandchildren, and our planet. I applaud the trustees, advocates and experts for their hard work, and I look forward to seeing more cities around the world join this call for change.” 

For the full article, click here: https://www1.nyc.gov/office-of-the-mayor/news/053-21/mayor-de-blasio-comptroller-stringer-trustees-estimated-4-billion-divestment-from