New York City’s public pension funds will not only divest from fossil fuels, but also invest $50 billion in renewable energy. Mayor Bill de Blasio and Comptroller Scott Stringer announced Thursday 11/4 that the city will commit to net-zero carbon emissions in pension funds by 2040. The renewable energy - or “climate solutions,” as de Blasio put it - investment of $50 billion will unfold by 2035, they said. Stringer said achieving zero emissions is an economic, health and moral imperative.
De Blasio and Stringer have often been at odds, but both have long sought to divest the city’s pension funds from fossil fuels as a way to help climate change. The mayor said the action in part inspired by Rep. Alexandria Ocasio-Cortez’s “Green New Deal” - an ambitious federal proposal to shift the nation’s economy toward renewable energy and fight climate change. De Blasio said divesting pension funds from fossil fuels is a way for people to make an impact on climate. “When you add up the impact of pension funds across the world, it’s trillions,” he said. “It’s enough to create the solution.”
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