Denmark’s capital city of Copenhagen just officially divested all fossil fuel holdings in the city’s 6.9 billion kroner ($1.04 billion) investment fund. The move applies to companies that gain more than five percent of their revenue from oil, coal and gas and are involved in prospecting, refining or extraction as well as providing equipment and services to the fossil fuel industry.

Copenhagen, fossil fuel, coal, oil, gas, divestment

Lord Mayor of Copenhagen Frank Jensen presented his divestment proposal to the finance committee in January, saying at the time that since the city is working on becoming the world’s first carbon neutral capital in 2025, that it “seems totally wrong for the municipality to still be investing in oil, coal and gas. We must change that.”

Related: UN committee announces support for fossil fuel divestment movement

The European environmental community praised the decision to divest. Melanie Mattauch, Europe Communications Coordinator for 350.org, told the online publication Cities Today that it “shows that the fossil fuel industry is rapidly losing its social acceptance and consequently its political influence.” Cities such as Copenhagen that divest from oil, coal and gas are taking “an important stand against an industry whose business model is incompatible with a safe climate,” Mattauch said.

The Danish municipalities of Roskilde and Frederica have also divested from fossil fuels. Copenhagen joins other global cities that have banned dirty energy investments, including Oslo, Paris and Newcastle in Australia, home of the world’s largest coal port. Stockholm, Amsterdam and Berlin are reviewing their fossil fuels portfolios as they consider divesting while London’s new mayor, Sadiq Khan, has committed to pulling London City Hall’s pension fund out of investments in oil, coal and gas.

Via Cities Today

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