NYC mayor urges city pension funds to divest from coal

AP News
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Posted: Sep 29, 2015 1:00 PM

NEW YORK (AP) — New York City Mayor Bill de Blasio is proposing that New York City's pension funds divest from coal.

The mayor began making his case to the city's five pension funds on Tuesday. Administration officials briefed The Associated Press on the plan the day before.

New York City's five public employee pension funds' assets total more than $160 billion, with at least $33 million of exposure to thermal coal in the public markets.

De Blasio has set a goal to reduce the city's greenhouse gas emission by 80 percent by 2050. He also will advise the pension boards to consider other environmentally friendly investments.

City Comptroller Scott Stringer, who is custodian to the funds' boards and has also endorsed green policies, supports the measure.