‘Critical First Step’: Bill de Blasio Pushes NYC Coal Divestment

(COMMON DREAMS) Nadia Prupis — New York City Mayor Bill de Blasio is poised to urge the city’s five pension funds to divest from coal, which could move at least $33 million away from the fossil fuel industry, officials said Tuesday.

The measure is being supported by NYC comptroller Scott Stringer, who is custodian to the pension funds’ boards and has endorsed climate-friendly city policies in the past. De Blasio’s push comes just ahead of the United Nations climate talks in Paris in December, and just after an analysis by a philanthropic consultant group found that institutions worth $2.6 trillion in assets have pulled funds from fossil fuels.

May Boeve, executive director of the environmental advocacy group, said de Blasio’s announcement “is another big step adding even more momentum to this campaign.”

“We expect to see other municipal leaders around the world take note of the Mayor’s words today, and join New York in acknowledging the financial and moral imperative to divest from climate chaos,” Boeve said.

Source: ‘Critical First Step’: Bill de Blasio Pushes NYC Coal Divestment | Common Dreams | Breaking News & Views for the Progressive Community