Environment
Why New York City Is Getting Its Money Out of Fossil Fuels
The move to divest funds from fossil fuel interests in resistance to climate change has been slowly building. With New York City joining the effort, there's a new multi-billion-dollar signal.
The divestment movement started on campuses. Now it’s seeping, like black tar from a leaky oil rig, into a city near you.
On Tuesday, New York City announced it would divest pension funds from fossil fuel interests, joining New York State, a cadre of other U.S. cities, and some private universities who say they will pull investments from companies that extract coal, gas, and oil. De Blasio also announced the city’s plans to sue five major oil companies for their role in damages brought on the city by climate disasters.