Three NYC Pension Funds to Divest $4 Billion From Fossil Fuels

Three of New York City’s five public employee pension funds are divesting $4 billion from securities related to fossil-fuel companies.

Pensions for teachers, school administrators and civil servants voted to divest their holdings, according to a statement Monday from Mayor Bill de Blasio, Comptroller Scott Stringer and retirement board trustees. Police and fire department pension funds haven’t voted to divest.

Investment managers and finance firms have come under increasing pressure to address climate change. In 2018, New York became the first major U.S. city to commit to divesting public pension funds from fossil fuel holdings.

“Our first-in-the-nation divestment is ...