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De Blasio pushes New York City's pension funds to dump coal stocks

New York City Mayor Bill de Blasio wants city pension funds to divest from coal.
NYC Mayor Bill de BlasioMetro File

New York City's mayor Bill de Blasio has called on the city's $160 billion public pension funds to dump their investments in coal companies and reconsider investments in other fossil fuels as he pushes a clean energy agenda for the city.

De Blasio's comments on Tuesday are the latest in a growing chorus advocating cutting coal from public pension portfolios. His remarks come after California lawmakers passed a bill requiring the state's pension funds to sell their investments in coal companies earlier this month.

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"New York City is a global leader when it comes to taking on climate change and reducing our environmental footprint. It's time that our investments catch up - and divestment from coal is where we must start," de Blasio said in a statement.

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New York City's five public pension funds have around $33 million in thermal coal investments, the mayor's office said. Each of the funds is run by a separate board that has to sign off on investment decisions.

 
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