New York City plans to divest $5bn from fossil fuels and sue oil companies
Source: Guardian
New York City is seeking to lead the assault on both climate change and the Trump administration with a plan to divest $5bn from fossil fuels and sue the worlds most powerful oil companies over their contribution to dangerous global warming.
City officials have set a goal of divesting New Yorks $189bn pension funds from fossil fuel companies within five years in what they say would be among the most significant divestment efforts in the world to date. Currently, New York Citys five pension funds have about $5bn in fossil fuel investments. New York state has already announced it is exploring how to divest from fossil fuels.
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De Blasio said that the city is taking the five fossil fuel firms BP, Exxon Mobil, Chevron, ConocoPhillips and Shell to federal court due to their contribution to climate change.
Court documents state that New York has suffered from flooding and erosion due to climate change and because of looming future threats it is seeking to shift the costs of protecting the city from climate change impacts back on to the companies that have done nearly all they could to create this existential threat.
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Read more: https://www.theguardian.com/us-news/2018/jan/10/new-york-city-plans-to-divest-5bn-from-fossil-fuels-and-sue-oil-companies