New York City Mayor Bill de Blasio is set to propose that New York City's pension funds divest from coal.
De Blasio administration officials told The Associated Press that the mayor will begin making his case to the city's five pension funds on Tuesday.
New York City's five public employee pension funds' assets total over $160 billion, with at least $33 million of exposure to thermal coal in the public markets.
De Blasio has set a goal to reduce the city's greenhouse gas emission by 80 percent by 2050. He is also going to advise the pension boards to consider other environmentally friendly investments.
City Comptroller Scott Stringer, who is custodian to the funds' boards and has also endorsed green policies, expressed support for the measure.
Copyright AP - Associated Press
