Bill de Blasio exaggerates fossil fuel claims on the campaign trail
As climate change becomes a central focus of the 2020 Democratic primary, Mayor Bill de Blasio has touted his mayoral record on the environment, often repeating the claim that the city has pulled $5 billion out of fossil fuel holdings from its pension fund.
For some trustees, whether or not to vote for divestment is still up in the air until the city’s study is complete. But on the campaign trail and in campaign literature, de Blasio has painted fossil fuel divestment as a fait accompli. In January 2018, de Blasio and city Comptroller Scott Stringer announced their support of fossil fuel divestment and set a goal of divesting $5 billion from fossil fuel holdings before the end of 2022. Shortly thereafter, they submitted a resolution to the pension trustees to study “prudent steps” to divest and evaluate anticipated risks to the portfolio.
It’s also a much larger undertaking than past divestment efforts and there isn’t a comparable precedent set by prior pension systems for the city to analyze, the source said. Oil companies are some of the largest publicly traded companies in the United States, making the impact to the portfolio more significant than divesting from private prisons.even in blue states, with pecuniary concerns largely trumping environmental advocacy.
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