New York City’s Biggest Pension Fund Lost Millions from Oil & Gas Holdings
A new report from Advisor Partners revealed that in one year alone, New York City’s largest pension fund lost around $135 million from their holdings in the top 100 oil and gas companies. The Teacher’s Retirement System of the City of New York, representing over 200,000 teachers, educators and workers, incurred a 25 percent reduction in returns of their $60 billion fund from investments in oil and gas.
“If it’s wrong to wreck the climate, it’s wrong to profit from that wreckage — but our City’s pension funds are incurring nothing but losses by investing in fossil fuels,” said Mimi Bluestone, a member of the United Federation of Teachers and a campaigner with 350NYC. “The money lost from oil and gas investments just in the last year is equivalent to putting about 7,000 students through school for a year. It’s time for New York City to get out of the business of climate destruction.” ….