New York City Plans to Sell $5 Billion of Fossil Fuel Pension Holdings, Sues Oil Majors

New York City Plans to Sell $5 Billion of Fossil Fuel Pension Holdings, Sues Oil Majors

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 U.S. pension plan to do so.

In total, the city’s five pension funds hold roughly $5 billion in the securities of over 190 fossil fuel companies. The city’s move is among the most significant divestment efforts in the world to date.

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Source: Oil & Gas 360

 

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