US. Ending Pittsburgh’s fossil fuel pension investments wouldn’t be easy or cheap
Researchers say that Pittsburgh’s pension funds could lose nearly $500,000 a year if the city stops investing in fossil fuel-related companies — as Pittsburgh Mayor Bill Peduto has said he is committed to doing.
While that loss would be damaging for Pittsburgh’s underfunded pension funds, it wouldn’t do much to change the behavior of fossil fuel companies, the researchers suggest.
“It’s purely a symbolic move that has no impact on the climate,” said Chris Fiore of the Chicago-based economic consulting firm Compass Lexecon.
Fiore co-authored a report released this month that says the nation’s top 11 public pension funds could lose trillions of dollars if they divested from fossil fuel-related investments.
“The percentage sounds small, but when you realize these pension funds are quite large, that can be quite substantial,” Fiore said.
Full Content: Trib Live
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