The new investment policy, part of the German capital’s goal of completely weaning off carbon by 2050, will force the city’s pension fund — worth $852.8 million, or €750 million — to divest from shares of German oil giants RWE and E.ON, as well as the French behemoth Total.
The move comes a week after Stockholm, the capital of Sweden, vowed to end its investments in fossil fuels companies, making Berlin the seventh major Western city to join a divestment movement that already includes Paris, Copenhagen, Oslo, Seattle, Portland and Melbourne. In September, New York Mayor Bill de Blasio urged the city’s five pension funds — worth a collective $160 billion — to sell their $33 million exposure to coal, by the far the dirtiest fossil fuel. [...]
“Berlin’s decision to blacklist fossil fuel companies is the latest victory for the divestment movement, which serves to remove the social license from companies whose business model pushes us into climate catastrophe,” Christoph Meyer, a campaigner with environmental nonprofit 350.org’s Fossil Free Berlin project, said in a statement. “We will keep a close eye on the administration to make sure it upholds today’s commitment and urge the city to now take quick steps to break its reliance on coal power.”
No comments:
Post a Comment