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NYC Shifting Public Pension Money Out Of Fossil Fuels

An oil pumpjack works at dawn Jan. 20 in the oil town of Andrews, Texas.
Spencer Platt
/
Getty Images
An oil pumpjack works at dawn Jan. 20 in the oil town of Andrews, Texas.

New York City will be shifting public pension money out of fossil fuels and into renewable energy companies. Mayor de Blasio says the goal is to have no public pension investment money in the fossil fuel industry by year 2040. At the same time, Comptroller Scott Stringer says pension investments will ramp up to 50 billion in green real estate and renewable energy companies by year 2035

“You can have good returns, smart investment but you can also have real common good and you don’t have to rely on the polluters to create retirement security.

The mayor hopes other government agencies will look to New York City as the model and also divest from fossil fuel companies.