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Source: Pexels

New York City Announces Plan To Divest From Fossil Fuels

By Aimee Lutkin

In 2012, Hurricane Sandy took a heavy toll on New York City, knocking out power and transportation, destroying homes, and causing tens of billions of dollars worth of damage. Many areas in New York City are built in low-lying wetlands, including JFK airport. Manhattan is literally an island, and few are outside the reach of rising waters. The Guardian reports that Mayor Bill de Blasio has made fighting climate change a priority in his administration as a way to protect the metropolis.

The Mayor's office and other city officials announced a plan to divest money set aside for pension funds from fossil fuel companies, with a goal to remove $5 billion in the next five years. In total, the city's five biggest pension funds amount to $189 billion dollars, and where they choose to put that money can be very influential. They're claiming this move is "among the most significant divestment efforts in the world to date."

But they're not stopping with removing money from oil company's funding—de Blasio is taking BP, Exxon Mobil, Chevron, ConocoPhillips, and Shell to federal court. The city will be suing these fossil fuel firms for their contribution to climate destruction. That's pretty exciting news; even the Empire State Building was celebrating: