“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, said New York City decided to cut off relations with fossil fuels, investment, and will become a trump the government on coal, oil and gas interests the strong support of the other cities of the catalyst.

On Wednesday, city officials announced that the city would sell fossil-fuel-related pension funds for about $5 billion over the next five years. Pensions for teachers, firefighters and other city workers in New York state total about $189 billion.
The mayor of New York bill DE blasi Mr Also revealed that the city is suing the world’s largest oil and gas company, the company in terms of deliberately dangerous global warming plays a dual role, which he says is to “fight” for future generations.

Economists said the New York of its status as a financial and cultural giant can stimulate the stripping of the United States and other global cities, and, more importantly, in global emissions and avoid to climate change in the global change of the power of the most serious consequences.

“This is a very important thing,” said Jeffrey sachs, an economist at Columbia University in New York and a special adviser to the secretary-general of the United Nations. I think the pension funds of the other major cities in the United States will follow its arrival. New York is a neighbor of a very large money manager. For them, it’s a strong personal signal that they can’t fund past projects. ”
In New York City will become America’s first spin-off’s largest city, and will become the forefront of the world’s largest city, is committed 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 institutions, from Oxford University to the Rockefeller brothers foundation, also took part in what activists say is a $6 trillion campaign to avoid investment.

“Divestment is going through a positive and sustained development and New York is going to play an important leadership role,“# sachs said. “The Wall Street, New York, the United Nations and the United States media will also become the center of the climate action now, even if the key trump to oil and gas industry, obviously, if you make a decision on a shocking, you won’t give up.
Even in the government deprived trump environmental law and put more American land and water resources under the condition of drilling and mining, the main fossil fuel companies will be looted divest itself could help to promote political action.

Johns Hopkins University (Johns Hopkins University) economist Paul Ferraro (Paul run, said: “the strip will not punish enterprises in terms of economy, but on the political isolation of collective behavior of the company.

“New York in this respect is very good, because it is very obvious, for others to create the change of space, but if everyone follow that standard, this standard will play a role, as if everyone like electricity, it will affect the climate change. ”
New York’s climate change is not without criticism. Environmentalists complain that Debracio opposes the congestion charge and often goes to the gym on her own.

Right-wing groups and business interests are also opposed. Linda kelly, senior vice President of the national association of manufacturers, said the plan was “an absurd attempt to politicise natural disasters rather than a goodwill effort to ensure meaningful change”.

Deep political divisions over climate change, combined with the continued power of major fossil fuel companies, have reduced the incentive to reduce emissions and reduce them.

“Big oil and gas companies have a long way to go and make a lot of money,” ferraro said. If you look at stock prices, it’s hard to believe that fossil fuels are doomed, as environmentalists of all stripes predict. “

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