By Frank Andorka, Senior Correspondent
Over the weekend, two of the world’s most influential mayors – Bill de Blasio (mayor of New York City) and Sadiq Khan (mayor of London) – took to the pages of the British newspaper The Guardian to urge cities around the world to divest from companies that extract fossil fuels.
The op-ed came ahead of the Global Climate Action Summit, a gathering of world leaders designed to discuss issues surrounding climate change and other environmental issues. The summit starts on Wednesday in San Francisco.
The mayors wrote:
We believe that ending institutional investment in companies that extract fossil fuels and contribute directly to climate change can help send a very powerful message that renewables and low-carbon options are the future. If we want to fund the scale of transformation the world needs, we must foster sustainable investment and use the power of institutional investors, such as pension funds.
According to the article, less than 2% of London’s pension fund – which totals $7.1 billion – is invested in fossil-fuel generating companies, with more divesting coming this year (including eliminating investments in oil companies Shell and BP). New York has just begun its own divestment and expects to be completely divested within five years, the article reports.
Instead, New York touts the fact it has increased its use of solar energy six-fold since 2013 and which is the result in part from a push from the state’s governor Andrew Cuomo as well as de Blasio’s own progressive policies on the subject.
Both mayors acknowledge that divestment is not necessarily a straight path, and that there will be twists and turns along the way. But in urging their fellow mayors to divest, they say they are setting an example for country governments to follow:
We believe we can demonstrate to the world that divestment is a powerful tool and a prudent use of resources. And that, together, our cities – New York, London and many others around the world – can send a clear message to the fossil fuel industry: change your ways now and join us in tackling climate change.
I’d like to applaud de Blasio and Khan for their forward-thinking ways and their attempts at moral suasion through the press. Here’s hoping that coming out of the Global Climate Action Summit that even more cities will follow their lead and divest from fossil fuels.
More:
As New York and London mayors, we call on all cities to divest from fossil fuels