New York City Mayor Bill de Blasio and London Mayor Sadiq Khan on Monday, 10 September, published a joint statement in The Guardian, calling on all cities across the world "divest" their assets from fossil fuel companies and to take stringent measures to address the climate crisis.
The Mayors of the two cities appealed for urban centres to join them in tackling climate change and wrote that they can send a message to the fossil fuel industry. Both Blasio and Khan asserted that their cities were also investing in a "sustainable future", and that they were determined to implement the goals of the Paris agreement.
“This summer it seemed as if our two cities had changed places. London was hot and dry while New York had days and days of rain,” the letter began.
They noted that with climate change, heat waves, frequent flooding and severe hurricanes more likely.
We believe that ending institutional investment in companies that extract fossil fuels and contribute directly to climate change can help send a very powerful message that renewables and low-carbon options are the future.Bill de Blasio and Sadiq Khan in The Guardian
According to the statement, the London Pension Fund Authority currently accounts to less than two per cent of its investments in fossil fuels. The authority has reportedly shed £700,000 in fossil fuel investments this year.
New York City, on the other hand, announced in January that it would divest its pension fund from fossil fuels. The statement said that the company will remove $5 billion from more than 190 companies.
The statement also highlighted how the two countries are also working to co-ordinate their actions.
"Working through the C40 Climate Leadership Group, London and New York will co-chair the Cities Divest/Invest forum, a global network for cities that will not only enable us to share tools, knowledge, and experiences, but also to advocate for action on divestment and green investment."
(With inputs from the Guardian.)
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