The home of Wall Street announced on Wednesday that it will be divesting its massive pension fund from fossil fuels. That hits fossil fuel giants where it hurts
‘The battle to save the planet shifted from largely political to largely financial.’ Photograph: Andrea Izzotti/Getty Images/iStockphoto
Over the years, the capital of the fight against climate change has been Kyoto, or Paris – that’s where the symbolic political agreements to try and curb the earth’s greenhouse gas emissions have been negotiated and signed. But now, New York City vaulted to leadership in the battle.
On Wednesday, its leaders, at a press conference in a neighborhood damaged over five years ago by Hurricane Sandy, announced that the city was divesting its massive pension fund from fossil fuels, and added for good measure that they were suing the five biggest oil companies for damages. Our planet’s most important city was now at war with its richest industry. And overnight, the battle to save the planet shifted from largely political to largely financial.