The City of Montreal, which manages the joint fund of the city’s municipal employees’ retirement plan, says it intends to withdraw all investments from fossil fuel assets, according to a report by the Canadian Press.

Read: 91% of Canadian institutional investors say climate change is top ESG concern: survey

“This commitment is a first concrete step and sends a strong signal to other cities, governments and public pension funds to strengthen the green economy,” said Montreal Mayor Valérie Plante during a local climate summit.

Decarbonization efforts can be tackled when there’s political will and the right partners get together, the mayor added.

She also said the city is working to repatriate nearly all of its roughly $10 billion worth of investments, of which just 23 per cent is currently managed locally.

Read: Majority of Canadian institutional investors consider climate change a top ESG focus: survey