So You Say You’re Divesting From Fossil Fuels? Prove It.
New York City trumpeted a big plan to green its pension fund investments. We tried to find out how, and apparently the divestment details are … confidential-
Divest from the bad, invest in the good. There is no question it’s happening now as never before. Investors around the world have committed to divest more than $11 trillion from fossil fuel companies, says 350.org.
Holding financial institutions accountable for divestment pledges is the hard part. Divesting is complex and multi-layered. Refusing to name names is not the only thing NYC is doing to shield its divestment strategy from public scrutiny. It took a Freedom of Information Act request from the non-profit Divest Now to make public a previously confidential series of divestment reports prepared for the city by asset management giant BlackRock.