Furthermore, he said, “It’s time for big oil to take responsibility for the devastation they have wrought. And that alone will take us forward in a powerful way to know that we will use the full power of the court system to get justice…”
New York City is seeking to recover billions of dollars in damages to fund and implement resiliency measures. Its goal is to protect its residents and property from the ongoing and increasingly severe impacts of climate change.
The city is already investing more than $20 billion for its resiliency program, which include coastal protections, upgraded water and sewer system, and heat mitigation.
New York City to divest pension funds from oil companies
Moreover, Mayor de Blasio announced their plan to divest New York City’s $189 billion pension funds from fossil fuel companies.
At present, New York City’s pension funds have around $5 billion investments in more than 190 fossil fuel companies. Its decision is one of the “most significant divestments efforts in the world to date.”
