Two of New York City’s largest pension funds have decided to divest some $4 billion from securities related to fossil fuel companies in what is expected to be the largest fossil fuel divestment, globally, to date.
The New York City Employees’ Retirement System (NYCERS) and New York City Teachers’ Retirement System (TRS) identified securities based on demonstrated risk from fossil fuel reserves and business activity. The trustees will continue to evaluate risk in their portfolios to determine additional actions as warranted.
While the names of companies and the final scope of the divestment will be released following the sale of the targeted securities, the total divestment is expected to be complete within the original five-year timeline.
“Fossil fuels are not only bad for our planet and our frontline communities, they are a bad investment,” said Bill de Blasio, mayor of New York City. “Our first-in-the-nation divestment is literally putting money wh
