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

By Frank Andorka, Senior Correspondent

Vote Solar released the results of its analysis of New Jersey’s planned 450 MW community solar program, in which it found the program could spur as much as $800 million in economic development.

Specifically, the report says the community solar program will create:

• 1,778 sustained full-time jobs during construction and an additional 41 sustained full time jobs associated with operations and maintenance.
• $414.7 million in earnings for those employed.
• $797.9 million in local economic benefits for the state, excepting local tax revenues.
• $3.3 million from property tax revenues in the first year alone.

“Community solar holds a promise to expand access to affordable energy while creating jobs and growing New Jersey’s clean power sector,” said Pari Kasotia, Mid-Atlantic Director for Vote Solar. “These tangible economic benefits are an important part of the Garden State’s leadership and success in building a modern, 21st-century clean energy system that equitably serves everyone. We are glad to see New Jersey implement policies that align environmental goals with economic goals.”

The report was prepared by Vote Solar, a nonprofit organization working to lower solar costs and expand solar access across the U.S. They used the Jobs and Economic Impact (JEDI) Model developed by the National Renewable Energy Laboratory (NREL) to reasonably estimate the employment, earnings and economic impacts from the construction and operation of the solar energy facilities that could be expected if New Jersey adopts the minimum target of 450 MW over a three-year period. 450MW has been recommended by many stakeholders as the minimum program size necessary to drive investment in the state’s clean energy sector, achieve economies of scale, ensure all New Jersey’s communities gain access to community solar, and meaningfully contribute to the state’s 2030 clean electricity requirements.

The new community solar program, recently passed into law by the New Jersey legislature and signed by Governor Phil Murphy, is one of numerous attempts to get the state back on track after several years of languishing solar development in the Garden State. Murphy, who took office in January, campaigned strongly on a platform of clean energy and has made it one of the top priorities of his administration.

It’s nice to see New Jersey returning to prominence, having at one time been the No. 2 solar state in the Top 10 solar state rankings from the Solar Energy Industries Association – behind only California.