The city of New York has announced it will divest from fossil fuels and has filed a climate lawsuit against five energy giants it is accusing of causing pollution.

New York City Mayor Bill de Blasio announced the city’s pension funds will withdraw around $5 billion (£3.7bn) of investments from fossil fuel companies.

It has also launched a lawsuit against the businesses it says have contributed most to the climate crisis – ExxonMobil, Chevron, BP, Shell and ConocoPhillips.

The city seeks damages for the impacts of climate change on the city. It says this has already amounted to billions of dollars, with billions more needed to prepare for rising sea levels, more powerful storms and hotter temperatures.

Mayor de Blasio said: “New York City is standing up for future generations by becoming the first major city in the US to divest our pension funds from fossil fuels.

“At the same time, we’re bringing the fight against climate change straight to the fossil fuel companies that knew about its effects and intentionally misled the public to protect their profits.

“As climate change continues to worsen, it’s up to the fossil fuel companies whose greed put us in this position to shoulder the cost of making New York safer and more resilient.”