Three of New York City’s Five Public Employee Pension Funds are Divesting $4Bbillion from Securities related to Fossil-Fuel Companies.
Pensions for: Civil Servants; School Administrators; and Teachers, Voted to Divest their Holdings, according to, a Statement Monday, from: Term-Limited Mayor, Bill de Blasio (D); Candidate for Mayor, Comptroller Scott Stringer (D) who Oversees the Funds; and Retirement Board Trustees.
Police and Fire Department Pension Funds haven’t Voted to Divest.
Investment Managers and Finance Firms have come under Increasing Pressure to address Climate Change. In 2018, New York City became the First Major U.S. City to Commit to Divesting Public Pension Funds from Fossil Fuel Holdings.
“Our first-in-the-nation divestment is literally putting money where our mouth is when it comes to climate change,” de Blasio said in the Statement. “Divestment is a bold investment in our children and grandchildren, and our planet.”
Last year, the New York State Common Retirement Fund pledged to reach Net-Zero Greenhouse Gas Emissions across its Investments by 2040, a Decade before any other U.S. Pension Plan.
Other Large Pension Investors have also taken Action to Reduce their Carbon Footprints, including the California Public Employees’ Retirement System and Australia’s Retail Employees Superannuation Trust, which have Committed to Transition their Investments to Net-Zero Emissions by 2050.
NYC Wins When Everyone Can Vote! Michael H. Drucker
No comments:
Post a Comment