NEW YORK (Pakistan Point News / Sputnik - 26th January, 2021) New York City pension funds are divesting some $4 billion from securities of fossil fuel companies to avoid investments that are bad for the climate, Mayor Bill de Blasio said in a statement.
"Fossil fuels are not only bad for our planet and our frontline communities, they are a bad investment," de Blasio said on Monday as the city announced the divestment, which it said would be one of the largest in the world.
According to the statement, the New York City Employees' Retirement System and New York City Teachers' Retirement System have already voted to approve the divestments while the New York City board of education Retirement System was expected to cast its vote for the same imminently.
In 2018, the release added, New York City became the first major city to commit to divest major public pension funds from fossil fuel reserve companies.
Since the initial announcement, the release added, hundreds of other institutions, governments, and entities joined this commitment. New York City has also partnered with C40 Cities Climate Leadership Group and London to engage other cities to pursue such divestments.
