As part of the city’s long-term strategy to address climate change, de Blasio is urging five city pension funds to remove coal investments from their portfolios.
The proposal is part of the city’s broader, long-term strategy to address climate change, the announcement says. Through increased use of renewable energy, the city aims to have the freshest air of any major U.â¯S. metropolis by 2030. De Blasio has set an ambitious target of an 80-percent reduction in fossil-fuel emissions by 2050, his office says.
The divestment effort could expand well beyond coal. The mayor wants the pension funds to review whether other fossil-fuel investments should remain in their portfolios. De Blasio’s office will present its divestment proposal to the boards of all five pension funds in the coming months.