London and NYC mayors urge pension scheme fossil fuel divestment

London mayor Sadiq Khan and New York City mayor Bill de Blasio have urged the mayors of other major cities to follow their lead and divest their cities’ pension schemes from fossil fuel assets.

The call comes as the mayors launched a new guide – Divesting from Fossil Fuels, Investing in Our Future: A Toolkit for Cities – which sets out pathways for cities on how to cut fossil fuel investments and increase sustainable investments.

The guide is product of the C40 global initiative on Divest/Invest, which is chaired by London and New York and launched by the respective mayors in September 2018.

C40’s toolkit features case studies from cities around the world, including London, New York, Melbourne, Berlin and Stockholm, that have committed to sustainable investment action.

It found that none of the city pension schemes that have divested from fossil fuels have suffered a negative effect on their portfolio performance, while some performed better.

Commenting, Khan said: “Over the last three years, London has led from the front on divesting from fossil fuels and addressing the climate emergency. At City Hall, I am working with the London Pensions Fund Authority to take all possible steps to divest its remaining investments in fossil fuel industries.

“I have also encouraged local authorities and organisations in London to do the same. However, we need all cities to act now to help protect our planet for future generations.

“So, together with New York and C40, I’m calling on every major city in the world to follow suit. This toolkit will demonstrate to other cities that taking action on divestment is not only achievable but also essential to investing in our future.”

City leaders will come together in New York City on 16-18 March 2020 to share their progress and discuss the next steps.

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