New York City is making a move against the fossil fuel industry on two fronts.
Democratic Mayor Bill de Blasio announced Wednesday the city is suing five big oil companies for global warming and divesting $5 billion in oil investments from the city's pension funds.
The mayor compared the oil companies to cigarette manufacturers, who knowingly made and marketed a product they knew was deadly.
Three of the five companies the city is suing -- Chevron, ExxonMobil and Shell -- said the lawsuit has no merit and that the courtroom is not the place to fight global warming. BP and ConocoPhillips declined to comment.
Mayor de Blasio and City Comptroller Scott Stringer also announced plans to sell off $5 billion in fossil fuel investments from the city's $189 billion pension fund for employees.
New York Governor Andrew Cuomo announced similar plans for the state pension funds last month.
Several other U.S. and European cities, universities and global funds have also sold off their oil company interests.
