Three New York City pension funds are undertaking a significant divestment from fossil fuel companies, bringing the total divestment across all funds to roughly $3 billion. The divestment is one of the largest in the world, said New York City comptroller Scott Stringer.
The New York City Employees’ Retirement System (NYCERS) and the New York City Board of Education Retirement System (BERS) have successfully divested $1.8 billion and $100 million in securities, respectively. The New York City Teachers’ Retirement System’s (TRS) divestment is under way, with more than $1 billion divested to date, and is expected to be complete by first quarter 2022, with $1 billion remaining.
In January 2018, the trustees announced a goal to divest from fossil fuel reserve owners within five years. The divestment follows an extensive and thorough fiduciary process to prudently assess the portfolio’s exposure to fossil fuel stranded asset risk and industry decline and other financ
