New York Divests from Fossil Fuels
Written by Victoria Johnston on 28th March 2018
In New York, the city’s mayor Bill de Blasio has announced that the city will divest from fossil fuels and has filed a lawsuit against five major fossil fuel companies for climate damages on the city that have reportedly already amounted to billions of dollars, and the billions necessary to prepare for rising sea levels, more powerful storms and warmer temperatures.
The city of New York plans to divest $5bn (£3.7bn) from fossil fuels and sue some of the most powerful oil companies in the world for their contribution towards climate change.
Officials in the city have set a goal of divesting New York’s $189bn (£140bn) pension funds from fossil fuel companies within five years, and they state that it would be “among the most significant divestment efforts in the world to date”.
New York’s announcement brings the total number of global divestment commitments to 810 institutions representing over $6tn (£4.5tn) in assets.