Mayor de Blasio's progressive political agenda, his resistance to President Trump, and his personal aspirations to run for President in 2020 are a very risky combo for New York City workers and residents. Many areas in New York City are built in low-lying wetlands, including JFK airport. Activists, students and voters packed an auditorium at the Borough of Manhattan Community College for hours, recounting stories of asthma exacerbated by air pollution and homes flooded by rising waters. The Guardian reports that Mayor Bill de Blasio has made fighting climate change a priority in his administration as a way to protect the metropolis.
This two pronged attack, introduced by Mayor Bill de Blasio on Wednesday, included divestment of about $5 billion dollars in fossil fuel related holdings from the city's pension funds. The New Yorkers' pension funds are now worth $189 billion. Campaigners used the second anniversary of the Paris agreement to call for more effort to encourage divestment from fossil fuels. ExxonMobil and Royal Dutch Shell, charging that the world's five largest publicly traded oil companies are partially responsible for global warming and have known about the consequences of fossil fuels to the environment but have tried to hide it.More news: Eli Lilly and Co (LLY) Shares Sold by Private Capital Advisors Inc
New York City will now become one of a growing number of cities divesting from at least some types of fossil fuels, as well as universities, including Oxford and the London School of Economics in the UK.
New York's goal of eliminating about $5 billion in securities of almost 200 oil companies would be among the biggest public pension divestments from fossil fuels to date, the city said in a statement. The mayor's office noted in a recent statement that Hurricane Sandy was a lesson for us on climate change's destructivity. "As climate change continues to worsen, it's up to the fossil fuel companies whose greed put us in this position to shoulder the cost of making NY safer and more resilient".More news: David Letterman's Netflix Talk Show Debuts With Obama Interview: Grade It!
Additionally, Mayor de Blasio's resistance to President Trump is not in the best interests of New York City residents.
Curtis Smith, a Shell spokesman, that the company believes "climate change is a complex societal challenge that should be addressed through sound government policy and cultural change to drive low-carbon choices for businesses and consumers, not by the courts". "According to the complaint, "...the City seeks to shift the costs of protecting the City from climate change impacts back onto the companies that have done almost all they could to create this existential threat".More news: Fortnite Battle Royale Map Getting Revamped Next Week