Climate activists claimed “an undeniable victory” on Tuesday after New York City and New York State officials called for city and state pension funds to halt investments in fossil fuels.”The dam has broken,” said 350.org co-founder Bill McKibben. “After years of great activism, New York has taken a massive step towards divesting from fossil fuels. Coming from the capital of world finance, this will resonate loud and clear all over the planet. It’s a crucial sign of how fast the financial pendulum is swinging away from fossil fuels.”New York City Comptroller Scott M. Stringer said in a statement that his office “will bring a proposal to the trustees of the NYC pension funds in the coming weeks to examine ways to de-carbonize the portfolios, including the feasibility of ceasing additional investments in fossil fuels, divesting current holdings in fossil fuel companies, and increasing investments in clean energy.”
Source: ‘Undeniable Victory’: Cheers Follow Proposals to Divest Massive New York Pensions From Fossil Fuels | Common Dreams
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Normally, I don’t favor divesting because you end up selling to someone else who doesn’t care. However, I sold my oil stocks years ago because most will have to stay in the ground. Better to invest in the future.
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