New York City plans to divest $5bn from fossil fuels and sue oil companies

New York City is seeking to lead the assault on climate change and the Trump administration with a plan to divest $5bn from fossil fuels and sue the world’s most powerful oil companies over their contribution to dangerous global warming. Hurricanes and heatwaves: stark signs of climate change ‘new normal’ Read more City officials have set a goal of divesting New York’s $189bn pension funds from fossil fuel companies within five years in what they say would be “among the most significant divestment efforts in the world to date”. Currently, New York City’s five pension funds have about $5bn in fossil fuel investments. New York state has already announced it is exploring how to divest from fossil fuels. “New York City is standing up for future generations by becoming the first major US city to divest our pension funds from fossil fuels,” said Bill de Blasio, New York’s mayor. “At the same time, we’re 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. As climate change continues to worsen, it’s up to the fossil fuel companies whose greed put us in this […]

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