“It’s a Big Deal.” New York City’s divestment of fossil fuels could spur a global transformation

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According to some leading economists, New York City decided to cut off its relationship with fossil fuel investment and will become a catalyst for other cities in the Trump administration’s strong support for coal, oil and gas interests.

On Wednesday, New York City government officials announced that New York will sell fossil-fuel-linked pension funds for about $ 5 billion in the next five years. The total amount of pensions for teachers, firefighters and other urban workers in New York State is about $ 189 billion.
New York City Mayor Bill De Blasio also revealed that the city is suing the world’s largest oil and gas company, which plays a dual role in deliberately creating dangerous global warming, he said This is to “fight for future generations.”

Economists said New York’s status as a financial and cultural giant could spur the United States and other cities around the globe from stripping and, more importantly, to create momentum in the global changes needed for global emissions and avoid climate change The most serious consequence.

Jeffrey Sachs, an economist and UN Secretary General’s Special Advisor at Columbia University in New York, said: “This is a very important thing.” I think pension funds in other major U.S. cities will follow the It comes. New York is a neighbor of a very large money manager. To them, this is a strong personal signal that they can not finance past projects. ”
New York City will become the largest of the first cities in the United States to spin-off and will be at the forefront of the world’s largest cities dedicated to eliminating fossil fuel stocks, including Paris, Berlin, Sydney and Stockholm.

In November, the Norwegian central bank, which owns the world’s largest sovereign wealth fund, proposed dumping shares in oil and gas companies. Dozens of other agencies, from Oxford University to the Rockefeller Brothers Fund, also participate in a campaign where activists say the campaign is worth $ 6 trillion or to avoid investing.

Says Sacks: “The divestment campaign is undergoing a positive and continuous development and New York will play an important leadership role.” “New York’s hosting of Wall Street, the UN and the U.S. media will now also be at the center of climate action, and even if Trump has handed the key to oil And the gas industry, it is clear that if you make a shocking decision, you will not give up.
The divestment itself, which will be plundered by the major fossil fuel companies, may help to push for political action, even as the Trump administration deprives environmental law and throws more U.S. lands and waters to drill and mine.

Paul Ferraro, an economist at Johns Hopkins University, said: “Stripping does not punish businesses economically, but a collective act of instrument that politically isolates companies.

“New York is fabulous in this respect because it is so obvious and creates room for change for others, but if everyone follows that standard, that standard will work, just as if everyone would collectively reduce Like electricity, it affects climate change. ”
Climate change in New York is not without criticism. Environmentalists complain that Debracio opposes vehicle congestion charges and often goes to the gym by himself.

Right-wing groups and commercial interests have also been opposed. Linda Kelly, senior vice president of the National Association of Manufacturers, said the plan is “an absurd attempt to politicize natural disasters rather than a goodwill effort to ensure meaningful change.”

The deep political disagreement over climate change, coupled with the continued strength of major fossil fuel companies, has weakened incentives to reduce emissions and reduce emissions.

Ferraro said: “Large oil and gas companies have a long way to go and make a lot of money.” If you look at stock prices, it’s hard to believe fossil fuels are going to face doom, as various environmentalists predict Like that. “

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