Investors - OCTOBER 26, 2016

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New Yorkers challenge state and city officials to divest in fossil fuels

by Jody Barhanovich

New Yorkers have issued a challenge to their state and city officials to divest New York City’s combined $350 billion in pension funds from fossil fuels and reinvest in climate solutions.

Eighteen organizations and individuals, representing a broad spectrum of New York society, sent a letter to officials calling for the pension funds to use every tool at their disposal to curb the worst of climate impacts through divestment from fossil fuels.

Both the letter and a similar petition are intended to highlight the importance of fossil fuel divestment as a means to stem climate change by pointing to the $63 billion in damages caused by Superstorm Sandy.

The initial call to the divest launches in 2012, the same year of Superstorm Sandy. Since

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