"We are taking the largest action by any city to confront the growing climate crisis and demonstrate the leadership necessary to win this fight against fossil fuels and the damages they've caused."
Climate advocates hailed what they say is a "watershed" moment on Wednesday following two announcements by New York City: that the city would seek to divest its pension funds from fossil fuels within five years, and that it filed suit against five fossil fuel giants for their role in driving the climate crisis.
“This is a first-in-the-nation step to protect our future and our planet—for this generation and the next," said Comptroller Scott M. Stringer.
Stringer announced last month that he would soon bring a proposal to the trustees of the pension funds that included divestment. Following through on that promise, a statement from the city released Wednesday says that he and Mayor Bill de Blasio "will submit a joint resolution to pension fund trustees" to begin the steps needed to purge the funds from the dirty industry, which will first entail an analysis on the financial impacts to be carried out by the City Comptroller's Bureau of Asset Management.
350.org co-founder Bill McKibben said in a tweet responding to the news that it was "One of the biggest days in 30 years of the climate fight."