Copenhagen’s municipal council decided yesterday to review its investments in fossil fuels .
The council passed a resolution to seek information on how other municipalities like Roskilde in Denmark and Oslo in Norway changed their investment policies to ban fossil fuel companies from their portfolio.
The council also decided to research investment opportunities free from fossil fuels and investigate potential implications on returns. Provided fossil free investments will not compromise overall returns, Copenhagen will commit to divest from fossil fuels.
Copenhagen currently invests DKK 33.5 million (€4.4 million) in 79 of the 200 publicly traded companies that hold the majority of coal, oil and gas reserves. Overall, Copenhagen manages funds worth DKK 5 372 million.
Divestment campaigner Thomas Meinert Larsen applauded the move: “Copenhagen sent a clear political signal to move out of fossil fuels and I am confident that they will indeed commit to divest. There is no way that dropping their holdings in fossil fuels will have negative financial implications at all. On the contrary, they will find that fossil fuel companies represent a significant financial risk.”
Ahead of the climate negotiations in Paris, the divestment movement is shaking capital cities across Europe. Within the last few weeks, Oslo pledged to divest, Stockholm and Amsterdam are reviewing their investments in fossil fuels, delegates from all parties at Germany’s capital Berlin called for divestment from fossil fuels, Paris stated its intention to rid itself of investments in coal, oil and gas, and mayoral candidates in London are positioning themselves on the question in response to a vibrant divestment campaign in the UK’s capital.
The divestment campaign has launched a push urging institutions to commit to divest from fossil fuels in the lead-up to the climate negotiations in Paris. If you want to see climate action in Paris, you cannot continue to invest in the companies driving the climate crisis. Check out gofossilfree.org/paris/