At a meeting today, Bremen’s city council confirmed that it has decided to exclude direct investments in climate-damaging coal, oil and gas companies. In addition, it is continuing to consider whether its existing bonds can be converted into fossil free “green bonds”.
The decision makes Bremen the second federal state in Germany to publicly distance itself from the fossil fuel industry after Berlin became the first last year. Bremen’s council meeting also coincided with the Global Divestment Mobilisation, which has seen divestment activists on all 6 continents taking part in a coordinated wave of actions.
Fossil Free Bremen welcomed this news with a very loud and colourful celebration flashmob in Bremen’s market square. Under the watchful gaze of Bremen’s iconic Roland statue, the 50 activists made quite an impression.
Their success comes after months of concerted and escalating campaign pressure on the authorities in Bremen to divest. In talks with local politicians, Fossil Free Bremen has gradually educated, re-iterated, clarified and followed-up on the moral and financial reasons for ceasing to invest the city’s funds in the industry responsible for the climate crisis.