Posted on January 11, 2018
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New York City wants to get rid of some 5 billion investments in companies active in fossil fuels. Above all, she wants to sue five oil groups for their alleged role in climate change.
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New York City has announced plans to sue five oil giants – BP, Chevron, ConocoPhillips, ExxonMobil and Shell – over their alleged responsibility for climate change, but without specifying when or before what jurisdiction.
The damages possibly allocated by the justice system would contribute to the financing of the measures taken by the city to fight against the consequences of climate change, announced the municipality, which has already launched a program of investment of 20 billion dollars.
In addition, the Democratic mayor, Bill de Blasio explains that a divestment of $ 5 billion in fossil fuel companies will be implemented. However, it will only intervene after analysis of the impact of such a decision and legal review. According to the administration of the Big Apple, New York is the first major American city to take such an initiative.
These assets, which would be sold within five years if validated after analysis, are part of the portfolio of five municipal pension funds that provide pensions for teachers, municipal employees, police, firefighters and administrative staff of schools in the city, according to this press release. In total, the five funds control $ 189 billion, of which some $ 5 billion is invested in 190 companies active in fossil fuels.
California already engaged
“New York stands up for future generations and our planet“by deciding to liquidate its investments in fossil fuels, said the Mayor, quoted in the press release.”At the same time, we are also directing our fight against climate change towards the fossil fuel groups, who knew their effects and knowingly deceived the public to protect their profits.“, he added.
At the end of December, the governor of the State of New York, Andrew Cuomo, had indicated that he wanted to freeze investments by the State Civil Servants’ Pension Fund (NYSCRF) in fossil fuels, as well as a disengagement plan.
In 2015, the California Parliament had already passed a law requiring the state’s two main public pension funds, CalPERS (municipal employees) and CalSTRS (teachers) to divest their coal-related assets. Besides New York, other major American cities have already considered withdrawing their public pension funds from fossil fuels, notably San Francisco and Seattle, but none have yet taken action.
Editorial staff with AFP
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