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New York City plans to divest $5bn from fossil fuels and sue oil companies

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NYC to divest $5b from fossil fuels and sue oil companiesNew York City is seeking to lead the assault on both climate change and the Trump administration with a plan to divest $5bn from fossil fuels and sue the world’s most powerful oil companies over their contribution to dangerous global warming.

City officials have set a goal of divesting New York’s $189bn pension funds from fossil fuel companies within five years in what they say would be “among the most significant divestment efforts in the world to date”. Currently, New York City’s five pension funds have about $5bn in fossil fuel investments. New York state has already announced it is exploring how to divest from fossil fuels.

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