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Business

NYC’s biggest pension funds vote to divest $4B from fossil fuels

By
Reuters
Published Jan. 25, 2021, 3:53 p.m. ET

New York City’s largest pension funds have voted to divest their portfolios of an estimated $4 billion from securities related to fossil fuel companies, Mayor Bill de Blasio, Comptroller Scott Stringer, and trustees of two of the city’s pension funds said.

“The New York City Employees’ Retirement System (NYCERS) and New York City Teachers’ Retirement System (TRS) voted to approve divestments today and the New York City Board of Education Retirement System (BERS) is expected to move forward on a divestment vote imminently,” they said in a statement on Monday.

In September 2018, the mayor and comptroller jointly announced a goal of doubling the pension funds’ investments in climate solutions from 1 percent to 2 percent, or about $4 billion within 3 years.