Resiliency Our climate adaptation—or resiliency—work focuses on adapting the city to risks of climate change, such as rising seas, more frequent and intense storms, and extreme heat. In OneNYC, we committed to making the city’s neighborhoods, economy, and public services prepared to withstand and emerge stronger from the impacts of climate change and other 21st century threats. To accomplish this goal, we are working with many agencies to deliver on the city’s over $20 billion resiliency investment program and institutionalizing resiliency into city operations broadly. By doing so, we’re delivering on our promise to protect all New Yorkers, along with their homes and businesses, from the impacts of climate change. Accountability And finally, New York City is bringing this fight straight to the fossil fuel companies that caused this climate crisis in the first place. Let’s talk plainly. The burning of fossil fuels is the single largest contributor to human-caused climate change. Period. This simple fact was denied and buried for decades by fossil fuel companies intent on misleading policymakers and the public. Now, New York City is ending a decades-long pattern of deception and denial by holding those fossil fuel companies to account for the damage they’ve caused while taking prudent steps to protect the financial interests of New Yorkers. What will this look like? V. PLAN FOR DIVESTMENT AND ONGOING LAWSUIT First, we will begin divesting our pension funds from fossil fuel reserve owners – those companies that own the oil and gas in the ground. This is a case where the prudent action to protect city pensions also lines up perfectly with good social policy to fight climate change. Fossil fuel securities have consistently underperformed the market in recent years, and the outlook for fossil fuel investments continues to be poor. According to our most recent analysis, the City’s five pension funds hold roughly $5 billion in securities of over 100 fossil fuel reserve owners. Working hand-in-hand with the fund trustees, New York City is pursuing divestment, consistent with prudent practice and in line with our fiduciary responsibilities. This will involve many steps, from additional analysis and trustee resolutions, to the actual process of selling the securities. The goal is to complete this divestment process as fast as possible AND by the end of 2022. Make no mistake, this move is among the most significant divestment efforts in the world to date. While divestment is necessary to stop investing in fossil fuels, we have another tremendous opportunity to pursue investment in the future. Earlier this month, New York City made another important announcement. Mayor de Blasio and City Comptroller Stringer pledged that we will invest two percent of all our pension assets into renewable energy and climate solutions within the next three years. That means an investment of $4 billion. New York City is the first U.S. city to set such a goal, and we are asking cities around the nation and around the world to join us in this effort. 3