NYC pension funds pick advisors to help divest from fossil fuel firms

Three of the biggest New York City pension funds have picked advisors to help them divest from fossil fuel firms, Mayor Bill de Blasio and Comptroller Scott Stringer said on Tuesday.

“New York City is standing up for our people, our pensioners, and the only planet we have because the future is on the side of big ideas in clean energy — not big polluters,” Stringer said. “Climate change is the most pressing challenge of our time, and we need to meet our climate emergency with every tool at our disposal to protect our children and our children’s children. In accordance with our fiduciary duty, the trustees are taking the next major step in our first-in-the-nation divestment goal and leading the charge toward a clean, green and sustainable economy.”

The funds aims to double investments in solutions such as wind, solar power and energy efficient buildings to over $4 billion by 2021.

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