September 10, 2018
First-of-its-kind Divest/Invest Forum will support cities around the globe in divesting from fossil fuel companies
NEW YORK—Ahead of the upcoming Global Climate Action Summit, New York City has partnered with the City of London and C40 Cities to announce the creation of the C40 Divest/Invest Forum. This forum, which is the first of its kind, aims to expand fossil fuel divestment among cities. In addition to creating opportunities for mayors and other city leaders to share information and best practices related to divestment, it will also provide cities considering divestment with an opportunity to learn from cities that have already taken that step. Major cities participating including Paris, San Francisco, San Jose, Oslo and Pittsburgh.
Read the joint New York City & London op-ed announcing the partnership in The Guardian here.
“New York is a coastal city, and we know that taking action on climate change is not optional,” said Mayor de Blasio. “As the first major US city to divest from fossil fuels, we are proud to offer our expertise to other cities around the world interested in eliminating their fossil fuel holdings. Together we will send a powerful message that renewable energy, not polluting fossil fuels, can help us build a more equitable future.”
The Mayor of London, Sadiq Khan, said: “Climate change knows no borders and collective action around the world is needed to tackle its most harmful effects. By working together with cities around the world and using our collective economic power we can take great strides forward in divesting from fossil fuels – and collaborating in this way sends a clear message that making green, sustainable investments makes both economic and environmental sense.”
"San Francisco is committed to reaching our 100% clean energy goal by eliminating fossil fuel use in our building, transportation and electricity systems," said San Francisco Mayor London Breed. "As a founding city of the C40 Divest/Invest Forum we are ready to work with mayors around the world to accelerate global fossil fuel divestment and to ensure our investment strategies support a climate resilient, clean energy future."
"I look forward to exploring how cities can leverage their pension funds and other investments to incentivize private sector industry toward more sustainable choices. With my mayoral colleagues throughout the globe, we continue to show how cities can lead the battle against climate change,” said San Jose Mayor Sam Liccardo.
“Responsible investment of our pension resources is one of the City of Pittsburgh's top priorities. Employees and pensioners want more than just a check after their years of service,” said Pittsburgh Mayor Bill Peduto. “They want to know their hard earned money is being invested in assets that improve the lives of their family, friends, and local businesses instead of exposing them to additional flooding, landslides, and extreme weather. The only responsible action to take as Mayor is to reduce and remove our exposure to assets that harm the people of Pittsburgh".
“Climate change is a global challenge that requires collaborative solutions,” said Daniel Zarrilli, NYC’s Chief Climate Policy Advisor and OneNYC Director. “Today’s announcement reflects that reality and addresses the need for tools and information that will help cities worldwide accelerate their climate actions. We know that divesting from fossil fuels and investing in climate solutions will make a huge impact. By working together, we can multiply this impact and increase the number of voices calling for a carbon-free economy.”
“Cities are home to more than half the world’s people, and New York City, under the leadership of the de Blasio administration, has consistently been on the frontlines of climate action,” said Penny Abeywardena, Commissioner of the Mayor’s Office for International Affairs. “With this bold and innovative network, New York City is harnessing its global leadership on climate action anchored in the values of partnership and cooperation among cities worldwide. Our youth and future generations depend on us to address the urgency of climate change, and we are doing just that by divesting from fossil fuels and investing in clean and renewable options.”
“The very real threat of climate change requires immediate action. Using our pension funds to guide investment away from fossil fuels and towards cleaner, more efficient energy options is a great strategy to fight climate change and expand access to renewable energy sources, and I look forward to working with Mayor de Blasio and others on this important initiative,” said Bronx Borough President Ruben Diaz Jr.
“New York and London are demonstrating that it is possible to have city investments - like pension funds - stop harming the planet and start helping, while still achieving good financial results. Their leadership, together with that of other global cities, demonstrates that it’s possible to successfully divest from fossil fuels, and at the same time strengthening investments in projects that will help our planet,” said David Miller, North American Regional Director and Global Ambassador for Inclusive Climate Action, C40 Cities Climate Leadership Group.
“This unprecedented coalition represents a major milestone for the fossil fuel divestment movement,” said May Boeve, the Executive Director of 350.org. “Two of the world’s financial capitals challenging every other city to divest will create a shockwave that is felt around the world. An effort that began on a handful of university campuses has now grown to include the centers of the global economy. The world is beginning to turn away from fossil fuels and not a moment too soon.”