The Plan is to Divest from Fossil Fuels and Sue the Big Oil Companies
NYC’s mayor, Bill de Blasio, announced this week his administration’s intention to divest the city’s pension funds from any fossil fuel related investments. This amounts to approximately 5 billion dollars worth of assets, out of the entire $189 billion pension pool. Serious coin. Understanding that this can be potentially complicated, as the funds need to maintain certain returns and so forth, the goal is to achieve this within 5 years.
While the amount is significant, but not astronomical in the grand scheme of things, it also works to send a message that NYC is listening to the concerns of its citizens and attempting to demonstrate leadership when it comes to climate change. The city has already been feeling the effects of global warming, particularly with the beating it took from Hurricane Sandy in 2012. The mayor has therefore made it clear that he does not stand with the Trump administration in their decision to pull the US from the Paris Climate Accord, but would rather stand with concerned citizens who want to protect their environment (and consequently themselves) from catastrophic climate change.