Such is the power of an action emanating from a center as symbolically important as New York City: What felt politically impossible yesterday suddenly seems possible, and the dominos start instantly falling.
New York City has filed suit against the nation's largest oil companies - BP, Chevron, ConocoPhillips, Exxon Mobil, and Royal Dutch Shell - for contributing to global warming. The city suffered billions of dollars of damage in Hurricane Sandy.
"I remember those days after Sandy.I remember how desperate it was".
In making the announcement, De Blasio had tough words for the oil and gas industry. But those investments represented a total of about $100 million, far less than the estimated $5 billion invested in fossil fuel companies. It's time that they are held accountable.
City residents have repeatedly called for improvements to the subway system as well.
"Today we talk about how we break the cycle", said de Blasio.
As a first step in its divestment plan, the trustees for each of NY city's funds have been instructed by the Office of the City Comptroller's Bureau of Asset Management (BAM) to commission an analysis of the proposed divestment and then advise on the anticipated impact on the risk and return characteristics of the portfolio.
As part of a $20 billion resiliency program, for example, the city has begun construction on levees and seawalls, elevating streets, waterproofing infrastructure, and modifying sewers, among other fixes.
Dropbox has confidentially filed to go public
One big question that hangs over a potential IPO is what sort of valuation Dropbox would command as a public company. Representatives for the company, along with the same of JPMorgan and Goldman declined to comment on this matter.
Mayor Bill DeBlasio said the city sought billions of dollars from the companies to recover money spent on climate change, the Associated Press reported on Wednesday.
"Although environmental issues - including climate change - are legitimate concerns, pension fund managers have a fiduciary duty to prioritize performance", the ACCF said. At the same time, we're bringing the fight against climate change straight to the fossil fuel companies that knew about its effects and intentionally misled the public to protect their profits. "We are going to lead the fight against climate change as if our lives depended on it - because they do", de Blasio said. Earlier this week, Exxon launched a counterassault, claiming that California municipalities failed to disclose to municipal bond investors the imminent threat from climate change that they detailed in their oil lawsuits. "Because right now we have it upside down and backwards".
Bill McKibben, an author and co-founder of climate advocacy group 350.org, praised the city's actions on Wednesday.
Some participants in the news conference noted that under Mayor de Blasio, the city's pension funds had previously divested from companies involved in the coal industry, as well as from private prison companies.
Naturally, the move prompted swift condemnation from the fossil fuel industry.
A graphic from the U.S. National Oceanic and Atmospheric Administration shows the 16 weather and climate disaster events with losses exceeding $1 billion that occurred across the United States in 2017.
De Blasio has made other grandiose pledges to combat climate change. More than half of the greenhouse gas pollution from fossil fuels has occurred since 1988. "The mayor's announcement may raise his profile, but it will do nothing to address climate change and ultimately fail". "In a rapidly warming world, oil, gas and coal stocks are simply too high risk", Klein stated. Curtis Smith, a Shell spokesman, said the courts are not the venue to address climatechange.
"ExxonMobil welcomes any well-meaning and good faith attempt to address the risks of climate change". "Reducing greenhouse gas emissions is a global issue and requires global participation and actions. Should this litigation proceed, it will only serve special interests at the expense of broader policy, regulatory and economic priorities", Braden Reddall, senior external affairs advisor, downstream, midstream and corporate affairs for Chevron Corp. told CSD. He detailed the 44 people who died in NY as a result of Sandy, as well as the estimated $19 billion in damages it caused, saying: "That is the face of climate change. It will not result in the mayor achieving what his stated goals seem to be".