New York City selling fossil fuel investments

It may be home to Donald Trump, but the City of New York has announced plans to sell off $5 billion in fossil fuel investments from city pension funds after suing oil companies for billions of dollars to help fund protection against climate change.

The city has filed a federal claim seeking damages from BP, Chevron, ConocoPhillips, ExxonMobil and Royal Dutch Shell to help compensate its $US20 billion ($AU25 billion) plan to protect the city, economy and public services from the effects of climate change.

Mayor Bill de Blasio drew comparisons between oil companies and the tobacco industry, which knowingly profited out of a habit they knew to be harmful.

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