New York City Mayor Bill de Blasio this week plans to approach the city’s pension funds about divesting from their coal holdings.
The five funds, which collectively oversee $160 billion in assets, would be the latest institutional investors to sell off coal investments – closely following the University of California’s decision to do so earlier this month.
More details from the Associated Press via ABC:
De Blasio administration officials told The Associated Press that the mayor will begin making his case to the city’s five pension funds on Tuesday.
New York City’s five public employee pension funds’ assets total more than $160 billion, with at least $33 million of exposure to thermal coal in the public markets.
De Blasio has set a goal to reduce the city’s greenhouse gas emission by 80 percent by 2050. He also will advise the pension boards to consider other environmentally friendly investments.
City Comptroller Scott Stringer, who is custodian to the funds’ boards and has also endorsed green policies, supports the measure.
As Pension360 has covered, CalSTRS and CalPERS are likely to divest from coal later this year, as the legislature recently passed a bill mandating such action.
Photo by Paul Falardeau via Flickr CC License