New York City's biggest pension funds voted to divest $4bln from fossil fuels

Portfolios from securities related to fossil fuel companies

  
An empty Times Square is seen during the virtual New Year's Eve event following the outbreak of the coronavirus disease (COVID-19) in the Manhattan borough of New York City, New York, U.S., December 31, 2020.

An empty Times Square is seen during the virtual New Year's Eve event following the outbreak of the coronavirus disease (COVID-19) in the Manhattan borough of New York City, New York, U.S., December 31, 2020.

Reuters/Jeenah Moon

New York City's largest pension funds have voted to divest their portfolios of an estimated $4 billion from securities related to fossil fuel companies, Mayor Bill de Blasio, Comptroller Scott Stringer, and trustees of two of the city's pension funds said.

"The New York City Employees' Retirement System (NYCERS) and New York City Teachers' Retirement System (TRS) voted to approve divestments today and the New York City Board of Education Retirement System (BERS) is expected to move forward on a divestment vote imminently", they said in a statement on Monday.

(Reporting by Kanishka Singh in Bengaluru) ((Kanishka.Singh@thomsonreuters.com; +91 8061822801;))

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