NYC pension funds to divest billions from fossil fuels

New York City officials announced Tuesday that two pension funds for city workers will divest an estimated $4 billion in securities related to fossil fuel companies in order to promote clean energy use. (Jan. 26)

Video Transcript

BILL DE BLASIO: Just yesterday, New York City Pension Funds announced that it will be divesting $4 billion from fossil fuels, $4 billion. And that comes from two very large elements of our pension system, the New York City Employees Retirement System and the New York City Teachers Retirement System.

SCOTT STRINGER: The impacts of the actions we are announcing today will be felt for generations to come. And it's my sincere hope that other municipalities around the country will take note and follow our lead, that divestment from fossil fuels is possible and necessary. Smart investment policy and smart climate solutions go hand in hand.

BILL MCKIBBEN: Naomi Klein and I kind of started this divestment idea a decade ago. We did not, I think, honestly anticipate days like today. This has turned into one of the largest campaigns of its kind in history. We're closing in on $15 trillion in endowments and portfolios and pension funds that have divested. But along that story, along that route, nothing has been more important than the decision of the City of New York.