Brent Scher of the Washington Free Beacon highlights a new report that offers answers.

A move away from fossil fuel investments by 11 of the nation’s major public pension funds would lead to a nearly $5 trillion shortfall over the next 50 years, according to a new report from University of Chicago professor Daniel Fischel.

The report comes as environmentalists renew their push to get pension funds to divest from fossil fuels following President Trump’s withdrawal from the Paris Accord. Elected officials in both New York state and New York City have pushed for both to rapidly divest their billions of dollars worth of fossil fuel investments.

“By fully divesting New York City pension funds from coal, oil, and gas, we would take a prudent step toward protecting 1.5 million pension holders,” said city council member Helen Rosenthal last month.

The report from Fischel, formerly the dean of University of Chicago Law School, says that those pension holders would actually see the city’s funds shrink by over $100 million annually if they were to divest, and that it would have “minimal or no environmental impact.”

“The study concluded that fossil fuel divestment has minimal or no environmental impact because it is highly unlikely to affect the production or distribution of fossil fuels on the part of targeted companies,” the report states. “Moreover, not only is fossil fuel divestment ineffective, it is also costly to investors.”

The study, which calculated the effects that divestment would have on the nation’s largest state pension fund (CalPERS) and all the major funds for New York City, Chicago, and San Francisco, found that portfolios including fossil fuel stocks outperformed divested portfolios annually.

“These annual losses add up to a 23 percent reduction in the value of a divested portfolio over a 50-year period,” the report found.