New York City Mayor and 2020 Democratic presidential contender Bill de Blasio has exaggerated claims he divested NYC pensions from the fossil fuel industry, but Politico says his claim is untrue.
De Blasio, a critic of President Donald Trump’s environmental policy, during a speech Sunday said he was proud to have divested billions in pensions from funds that support the industry.
“I’m proud to say in New York, we’ve divested $5 billion dollars from the oil companies, from the fossil fuel industry,” he claimed. “We have to be the party that says, ‘yes we’re experiencing global warming and we can do something about it.’”
New York’s $199 billion pension system is made up of five separate funds, and trustees need to approve any proposal to divest. So far, no approval has been made to divest the amount de Blasio has touted – he’s also pitched it on his campaign website.
Local Teamsters President Greg Floyd pushed back on de Blasio in an interview with Politico, saying, “the prudent thing to do when it comes to funds and pensions with this enormous responsibility is to do a study, not do a knee-jerk reaction because you think it gets you a few political votes because it looks like a good progressive issue.”