New York City’s making a big bet on the eco-economy, investing more than $6 billion in pension funds toward companies working to help the world adapt to climate change.
The trustees of the city’s pension funds approved the major shift in investment toward climate change solutions and away from fossil fuels. In recent years, the city divested $4 billion from the oil, gas, coal and other fossil fuel industries with an eye toward addressing the effects of global warming.
“The climate crisis must be met head-on and from all fronts. This multi-billion investment in green tech and divestment from fossil fuels is a winning combination for our planet, our city and our pensioners,” Mayor Bill de Blasio said Tuesday. “Our pension trustees are meeting the moment by doubling investments and securing a greener future for New York City.”