Good Morning, Brooklyn: Thursday, December 23, 2021
FIRST CITY PENSION SYSTEM TO DIVEST FROM FOSSIL FUELS: New York City’s pension funds have become the first in the nation to divest from fossil fuel reserve owners, and bringing the total divestment across all funds to an estimated $3 billion. So announced Comptroller Scott M. Stringer and trustees of the New York City Employees’ Retirement System (NYCERS) and the New York City Board of Education Retirement System (BERS). The divestment, one of the largest in the world, will address the significant financial and environmental risks that these holdings pose to the funds and to the planet.
The announcement by the Comptroller and Trustees follows an extensive and thorough fiduciary process to prudently assess the portfolio’s exposure to fossil fuel stranded asset risk and industry decline and other financial risks stemming from climate change.
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