New York City Mayor Bill de Blasio and Comptroller Scott Stringer announced on Monday that two of the cities pension funds will divest completely from any securities “related to fossil fuel companies”. The city expects its total divestment to be around $4 billion—likely one of the largest divestments in the world. The purpose of the divestment is to “address the significant financial and environmental risks that these fossil fuel holdings post to the funds and to our planet.” Investing in fossil fuels isn’t just…
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