Copenhagen Plans to Divest over $1 Billion from Fossil Fuels

Copenhagen Plans to Divest over $1 Billion from Fossil Fuels

- in Efficiency, Energy, Energy Grid

The mayor of Copenhagen, Denmark, made a bold move last week by announcing plans to divest the city’s hefty investment fund tied to coal, gas, and oil. The fund, valued at 6.9 billion kroner (just over $1 billion USD), could potentially reach more green initiatives in the future, which would not be surprising as Denmark and its European neighbors have made strong commitments to fight climate change.

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Frank Jensen, Copenhagen’s mayor, told the local Information newspaper, “Copenhagen is at the forefront of world cities in the green transition, and we are working hard to become the world’s first CO2 neutral capital in 2025. Therefore it seems totally wrong for the municipality to still be investing in oil, coal and gas. We must change that.” His proposal is expected to be approved this week by the appropriate finance committee, making the city Denmark’s first to divest from fossil fuels.

Related: Oil rich Rockefellers to divest charitable fund from fossil fuels

According to The Guardian other cities have already started the trend, including Norway’s capital, which abandoned a $7 million coal investment last year. Newcastle, Australia, noted as the world’slargest coal port, also divested from fossil fuels in favor of more “environmentally and socially responsible” endeavors. As for Denmark, no mention has been made as to where the freed funds will be headed, yet an educated guess can be made that it will be somewhere greener than the fossil fuel industries.

Via The Guradian

Images via Shutterstock (1,2)

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