DITCHED: New York's Divest/Invest Commitments

Political Climate

Cities and states have powerful roles to play in divesting from fossil fuels and directing investments toward sustainable industries. There are a number of ways for these sub-national actors to participate in the divest/invest movement and help pave the way for more widespread action.

In this episode of Political Climate’s DITCHED series, we go to the home of Wall Street and look at steps being taken by New York City and New York State to accelerate the movement of funds from brown to green resources.

We speak to NYC’s chief climate policy advisor Dan Zarrilli about the city’s pledge to fully divest its pension funds from fossil fuels. Then, in the second half of the episode, we speak to NY Green Bank President Alfred Griffin about how green banks operate and the role they fill in transforming financial markets.

*Since this podcast aired, New York State announced it will divest its $226 billion pension fund from fossil fuels, becoming the largest pension fund to make such a commitment to date. Both New York City and New York State have now pledged to fully divest from fossil fuels. New York State went even further by setting a 2040 carbon-free target for all parts of its portfolio.

Recommended reading:

• NYC: Mayor, Comptroller, Trustees Announce First-In-The-Nation Goal to Divest From Fossil Fuels
• Smart Cities Dive: 12 major cities pledge fossil fuel divestment
• Inside Climate: Could New York’s Youth Finally Convince the State to Divest Its Pension of Fossil Fuels?
• NRDC: First Global Survey of Green Banks Finds Rapid Growth in their Numbers and Importance in Low-Carbon Finance
• Vox: New York just passed the most ambitious climate target in the country

Catch all DITCHED episodes in addition to our regular Thursday shows! Listen and subscribe to Political Climate on on Apple Podcasts, Spotify, Stitcher, Google Play or wherever you get podcasts!