Three New York City pension funds, with $141.5bn in assets, have issued a request for information seeking advice on how to begin divestment from companies that own fossil fuel reserves.
The divestment plan, announced by the Mayor and Comptroller’s Office in January, would make the city pensions the first major U.S. pension plan to divest from fossil fuels (MMR, 1/10/2018). But not all of the pension plans are on board – the Police Pension Fund and the Fire Department Pension Fund, which control about $52bn in assets, or 27% of the city’s $193bn in pension assets, have declined to sign onto the divestment initiative.
But even without the support of the Police and Fire pension funds, the Teachers Retirement System, New York City Employees Retirement System and Board of Education Retirement System are moving ahead with a plan to divest from fossil fuel companies within five years.
Read the full story: NYC pension funds seek advice on hiring a consultant for fossil fuel divestment
Published by Money Management Report/Pageant Media.