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.
"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.
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.