New York City to divest $5 billion in fossil fuel investments, sue oil companies

12, Jan 2018 | CJP Team

The Guardian reported that New York City officials are aiming to divest the city’s pension funds from fossil fuel companies within the next five years, saying this would be “among the most significant divestment efforts in the world to date”. According to the Guardian, the city’s five, $189 billion pension funds have fossil fuel investments amounting to around $5 billion. New York state has previously revealed that it is looking into how it can divest from fossil fuels, the Guardian said. Moreover, Mayor Bill de Blasio said the city is also “bringing the fight against climate change straight to the fossil fuel companies that knew about its effects and intentionally misled the public to protect their profits,” adding, “As climate change continues to worsen, it’s up to the fossil fuel companies whose greed put us in this position to shoulder the cost of making New York safer and more resilient.” According to the Guardian, De Blasio said the city is suing five oil companies – BP, Chevron, ConocoPhillips, Exxon Mobil, and Shell – in federal court over the role they played in causing climate change. The Guardian said a court filing has alleged that just 100 “fossil fuel producers are responsible for nearly two-thirds of all greenhouse gas emissions since the industrial revolution,” with the five above mentioned oil companies being biggest contributors.