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Contact: On NYC Pension Climate Risk Study: “No More Excuses Not To Divest”

New York, NY - Today, as world governments gather in Bonn for the COP23 climate talks, New York City’s Pensions Investment Committee received their second commissioned climate study from Mercer consulting. Following last month’s carbon footprinting report by S&P’s Trucost, this report, originally scheduled for release in September, analyzed climate risk of the City’s $186 billion pension funds. A second component of the study is expected in February.

“This report leaves no more excuses not to divest,” said Betámia Coronel with, coordinator of the #DivestNY coalition. “As Comptroller Stringer issues study after study, the costs of climate change are paid for in the lives and livelihoods of New Yorkers. This latest from Mercer offers a voluntary step to be transparent about climate risk. Stringer needs to stop delaying and divest to be a real climate leader.”

Last month, on the fifth anniversary of Superstorm Sandy, over 5000 New Yorkers rose up to demand elected officials take bold and immediate climate action, highlighting the more than $3 billion of public pension money invested in fossil fuel companies as immoral and financially risky. Since its launch in 2012, fossil fuel divestment has become a financially and morally responsible mainstream investment tactic.

On Wednesday, November 29, New York City Public Advocate Tish James will convene a public hearing on action necessary for New York to be a true climate leader, including fossil fuel divestment. New Yorkers will gather for a rally at 8:30am at Fiterman Hall, Borough of Manhattan Community College to demand divestment from companies knowingly causing climate change and reinvestment in real solutions that put New Yorkers first.

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