New York City Announces Plan To Divest From Fossil Fuels

New York City Announces Plan To Divest From Fossil Fuels

New York City Announces Plan To Divest From Fossil Fuels

Mayor Bill de Blasio, Comptroller Scott M. Stringer and other trustees of the city's $189 billion pension funds announced today a plan to divest city funds from fossil fuel reserve owners within five years, which would make New York City the first major USA pension plan to do so. So rising sea levels caused by global warming will mean storms like Sandy are more likely to cause harmful floods. The lawsuit is seeking to collect billions in damages to pay for city efforts to manage the current and future impacts of climate change. On Wednesday, Mayor Bill de Blasio's office unveiled the legal move, underlining the many risks climate change is posing for New Yorkers.

The biggest city in the US sued BP Plc, Chevron Corp., ConocoPhillips, Exxon Mobil Corp., and Royal Dutch Shell Plc claiming they're the world's largest industrial contributors to climate change.

"As climate change continues to worsen, it's up to the fossil fuel companies whose greed put us in this position to shoulder the cost of making NY safer and more resilient", de Blasio said in a statement. The filing says that since the industrial revolution, only 100 companies are responsible for the majority of the greenhouse gas emissions with the five named in their suit as the worst offenders. The New Yorkers' pension funds are now worth $189 billion. "Government pension managers have a responsibility by law to seek the greatest return for their investors and pensions that invest in oil and natural gas companies have historically delivered a higher return than other investments".

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Both theories have been used to attack polluters, though not on the scale of global climate change.

New York's goal of eliminating about $5 billion in securities of almost 200 oil companies would be among the biggest public pension divestments from fossil fuels to date, the city said in a statement.

"It's time to do something different in New York City, isn't it?" he said.

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In 2016, a coalition of attorneys general - called and led by New York Attorney General Eric Schneiderman - formed to combat the climate crisis.

Yet buildings account for about, creating a steep political challenge for a mayor who, to the chagrin of the progressive activists who helped elect him, spent much of his first term.

New York City is taking a stand, and it is a city that tends to set the fashion.

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Bill McKibben, one of the co-founders 350.org, said in a statement that NYC stepping up to the plate in this matter is a huge step in battling fossil fuel emissions.

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