New Yorkers applaud as the NYC pension funds, led by Comptroller Stringer and Mayor de Blasio, begin to dump $4 billion invested in Exxon and other Oil & Gas corporations in a historic win for climate action
New York — Today, New York City’s largest pension funds voted to initiate full fossil fuel divestment, selling off an estimated $4 billion of holdings in fossil fuel corporations, such as ExxonMobil. New York City’s announcement fulfills its commitment to divest from fossil fuels. The city’s pension funds, valued at $239 billion are the largest municipal pension funds to divest globally.
“New York City has set a new bar for climate finance action. Today’s landmark action marks a bad day for Big Oil and a good day for the City’s pension systems and our planet. By taking billions out of the companies that own and profit off of fossil fuels, New York City is playing an enormous role in moving the financial industry towards a greener future,” said Bill McKibben, author and co-founder of 350.org.
New York City’s divestment commitment, made in 2018, inspired further action worldwide. It was followed by commitments from many other large funds, including the City of London, the Norwegian Sovereign Fund, and the New York State Common Retirement Fund. Today’s announcement confirms the City’s commitment to divest from fossil fuels within five years.
(thank you, thank you, thank you…)