US. 3 NYC pension funds divest $3 billion from fossil fuels
Three of five pension funds in the $266.7 billion New York City Retirement Systems have divested about $3 billion in fossil fuel company holdings, New York City Comptroller Scott Stringer announced Wednesday.
The divestment “is proof positive that environmental and fiscal responsibility go hand-in-hand,” Mr. Stringer, the fiduciary of the five pension funds in the city system, said in a news release. “New York City is leading the way toward a clean, green and sustainable economy, and the impacts of the actions we are announcing today will be felt for generations to come.”
One of the pension funds, the New York City Employees’ Retirement System, has divested about $1.8 billion in fossil fuel company investments, the news release said. The pension fund had assets of $86.1 billion as of Sept. 30, according to the latest available data.
Another pension fund, the New York City Board of Education Retirement System, has divested about $100 million, the news release said. The pension fund had assets of $8.73 billion as of Sept. 30.
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