As New York and London mayors, we call on all cities to divest from fossil fuels | Bill de Blasio and Sadiq Khan
Already, less than 2% of the London Pension Fund Authority’s investments of £5.5bn ($7.1bn) are in extractive fossil fuels – this year, the authority has rid itself of a further £700,000 of fossil fuel investments, including stakes in Shell and BP, and has plans in place to divest its remaining investments.
In New York, divestment is under way, with the goal of total divestment within five years. This will mean removing some $5bn (£3.8bn) in investment from the industry.
Both our cities are also investing in a sustainable future. London recently launched the £500m Mayor’s Energy Efficiency Fund, working with the European Regional Development Fund and private sector investors to help hospitals, museums, offices, libraries, social housing and universities to become greener and more energy efficient.
New York City has increased its solar-energy capacity six-fold since 2013 and is investing $2.7bn in energy-efficiency projects that save New Yorkers money and cut emissions. City government now has more than 1,200 electric vehicles and 500 charging stations.
Of course, we acknowledge that divestment and accelerating green investment is not always straightforward. The major portfolios held by public entities are typically pension funds, which aren’t generally under the control of mayors. But we can make progress if we work together with a range of partners – including pension funds, local authorities, campaign groups and the private sector.
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.
Climate change knows no borders, and taking this kind of action now could help us make a crucial difference to the people we represent and the future of our planet.
• Bill de Blasio is mayor of New York City and Sadiq Khan is mayor of London
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