NYC Divests $4B From Fossil Fuels To Combat Climate Change

NEW YORK CITY — A $4 billion divestment from fossil fuels by New York City could be an asteroid headed toward the destructive dinosaur of fossil fuels.

Or at least that's what Mayor Bill de Blasio and Comptroller Scott Stringer hope the city's upcoming divestment does for the fight against climate change. They announced the move Monday and touted it as one of the largest in the world.

“Climate change is the fight of our lives, and we must face it head on with everything we’ve got – for our planet, for our children, and for our retirees,” Stringer said in a statement. “Since we announced our first-in-the-nation divestment goal, the urgent environmental and financial risks of climate change have only grown more clear. New York City is leading the way forward because we know the future is on the side of clean energy – not big polluters."

De Blasio and Stringer, who as comptroller oversees the city's investments, have long sought to wean the city's pension funds off fossil fuel investment.

In 2018, the city's pension fund trustees agreed to divest from fossil fuel reserves within five years. On Monday, the New York City Employees’ Retirement System and New York City Teachers’ Retirement System (TRS) voted to approve the divestments, officials said.

The New York City Board of Education Retirement System will also conduct a divestment vote soon, according to a release.

Brooklyn Borough President Eric Adams, who like Stringer is running for mayor, joined an assortment of officials hailing the divestments.

“I’m proud to cast my vote for a more sustainable portfolio and a healthier planet," he said in a statement," he said. "Divesting from fossil fuels is a move that has been a long time coming, and it is a reflection of our pension trustees’ collective commitment to environmental responsibility.”