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These investments are known to be just the first step in making the City prepared for the impacts of climate change, and more will continue to be needed over the course of the century.The City’s resiliency programs and projects are a shift in the way we live now and how we must develop and implement tools that will make our City more resilient against future risks.This includes damages to pay for harm that we’ve already seen and damages that are necessary to address harm we expect to happen over the course of this century.

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Liebe stern-Nutzerin, lieber Stern-Nutzer, wir freuen uns über Ihr Interesse an Leider ist Ihr Browser zu alt, um unseren Website darzustellen.Henry Garrido, DC37 Executive Director and NYCERS trustee said, “For the sake of future generations, we support the call by the Mayor and the Comptroller for responsible divestment from fossil fuels.It is no longer a question of if, but rather how and when. What we’ve learned about the extent to which fossil fuel-producing companies deceived the public about the harm to the environment makes expedient and prudent action necessary.” Tish James, NYC Public Advocate and NYCERS Trustee: "The effects of human-induced climate change are taking an undeniable toll on our planet.In total, the City’s five pension funds hold roughly billion in the securities of over 190 fossil fuel companies.

The City’s move is among the most significant divestment efforts in the world to date.

Assuming a positive legal opinion, the trustees would then instruct BAM to carry out the divestment with specified steps and timelines.

In the case of this divestment, transactions would likely be carried out in stages in order to reduce transaction and implementation costs.

Today, I thank Mayor de Blasio for his leadership on this critical issue.

I look forward to continuing to work with Mayor de Blasio and Comptroller Stringer to ensure that our City's investments reflect our commitment to creating a more sustainable future, while keeping with our fiduciary responsibilities.” Eric Adams, Brooklyn Borough President and NYCERS Trustee said, "As a NYCERS trustee, I am responsible for investing in the future of our city and the long-term stability of hard-working New Yorkers' pensions.

Rising sea levels, increasing temperatures and precipitation, and the likelihood of more frequent and intense flooding threaten our neighborhoods and infrastructure while exacerbating many underlying social inequities.