NYC Pension Funds Are Divesting Four Billion From Fossil Fuels
Three of New York City's largest employee pension funds are divesting from securities tied to fossil fuel companies. Alfonzo Forrest / EyeEm / Getty Images
Three of New York City’s largest employee pension funds representing civil servants, teachers, and school administrators are divesting from securities tied to fossil fuel companies.
With a combined value of 9 billion, representing 70% of the city’s pension assets, the move is one of the largest fossil fuel divestments in the world.
Under the resolution, the pensions would phase out fossil fuel investments over five years.
“Fossil fuels are not only bad for our planet and our frontline communities, they are a bad investment,” said NYC Mayor Bill de Blasio.
The NYC pension funds join others, including cities in California and Australia, in the divestment movement.
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