New York City Mayor Bill de Blasio (D-N.Y.) hit the campaign trail to brag about his city’s divestment from fossil fuels, but reports show that isn’t true.
“I’m proud to say in New York, we’ve divested $5 billion dollars from the oil companies, from the fossil fuel industry,” de Blasio claimed. “We have to be the party that says, ‘yes we’re experiencing global warming and we can do something about it.’”
Although de Blasio tried to brag about the situation, a report from Politico found it wasn’t true.
So far, the city has only announced that it intended to research the impact the transition would have on New Yorkers’ pensions but it that study hasn’t even concluded yet.
Even if the study was complete, Politico notes that de Blasio doesn’t have the authority to make such a decision. The pensions are split under the jurisdiction of five boards of trustees who ultimately make the decision. While the mayor’s office does have a voice on each board, it doesn’t have a majority on any of them. – READ MORE