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New York plans to tackle Fossil Fuel industry – 12th January

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The city of New York has promised to divest in fossil fuel companies and to sue them for causing climate change.

The Mayor of New York Bill de Blasio said they will require billions from the lawsuit to make up for money spent on making the city resilient to the effects of climate change. This refers to the city’s resiliency program, which includes improvements to infrastructure, upgraded sewage systems, public health campaigns and heat mitigation, which could cost the city over $20bn to carry out.

At present, New York City has $5bn from pension funds invested in fossil fuels, which they plan to divest within 5 years, in a move that has been praised for protecting future generations as well as fighting climate change right at the source by suing major oil and gas companies of which includes Exxon Mobil, BP, Shell, and Chevron amongst others.

In recent times, New York City has suffered from flooding and erosion due to climate change, one example being Hurricane Sandy in 2012; combined with predictions of sea level rise due to climate change threatening the island of Manhattan has spurred New York to look at shifting the expense of protecting their city back to the companies who have wilfully caused the threats.

This move to divest and fight back on climate change puts New York among other cities like Cape Town and Washington DC, and universities like Oxford and Stanford who have also moved to divest away from the fossil fuels industry.

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