Mayors of London and New York call for divestment

Sadiq Khan and Bill de Blasio are calling on their fellow mayors of major cities worldwide to join them in divesting their city pension funds from fossil fuel assets.

Mayor of London Sadiq Khan and Mayor of New York City Bill de Blasio have unveiled a toolkit to other major cities around the world divest from fossil fuels and increase sustainable investments.

The toolkit features an array of case studies from cities around the world that have already committed to divestment, including London, New York, Berlin, Oslo, Stockholm and Melbourne. It reveals that none of the divested city pension funds have suffered a negative impact on portfolio performance – some have even seen better performance from their fossil-fuel free investments, according to a press release from C40 Cities, which helped to develop the toolkit.

“Thanks to C40 and leading city mayors like Sadiq Khan and Bill de Blasio, divestment has become a standard – and crucial – part of the toolkit for taking on the climate crisis,” said Bill McKibben, co-founder of the climate campaign 350.org.

“It makes no sense – morally, practically, or financially – to invest in the industries endangering our cities. And on the list of actions humans will have to take to deal with the planet’s heating, it combines relatively low cost and effort with remarkably high leverage. Instead of having to move cities, let’s move money!”

C40’s Divest/Invest Forum initiative is bringing together city leaders in March to share their progress and experience in divesting from fossil fuel companies and increasing investment in climate solutions.

Image credit: kris krüg via Flickr

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