Quantcast

Copenhagen Set to Divest Funds Out of Coal, Oil and Gas Holdings

Energy

The city of Copenhagen is set to become the latest recruit to the unstoppable divestment movement, with its plan to sell off the coal, oil and gas assets of its 6.9 billion Krone (€1.29 bn) investment fund.


Copenhagen is set to become the latest recruit to the unstoppable divestment movement. Photo credit: Moyan Brenn / Creative Commons

The Danish capital will join a movement worth more than $3.4 trillion worldwide, following Norway's capital Oslo and non-European cities such as Newcastle, Australia, as well as more than 500 institutions, universities, banks, companies and thousands of people, who have already pulled their money out of dirty energy.

With fossil fuels recognized as high-risk, volatile, toxic investments, the Paris Agreement signaling global recognition of the inevitable transition to clean energy and renewables booming and boosting economies worldwide worldwide, Copenhagen may be the latest ambassador for the divestment movement, but it will not be the last.

Key Points

  • The divestment movement is growing across the world. What started with a few U.S. universities has grown to become the fastest growing divestment movement in history, representing $3.4 trillion in assets. Yet the fossil fuel sector is still being funnelled vast amounts of public money. The faster governments move to end their association with fossil fuels and phase out subsidies, the sooner the final nail will be in the coffin of polluting and harmful coal, oil and gas.
  • Divesting from fossil fuels makes economic sense and is a “moral imperative." Experts like the Bank of England's Mark Carney have warned of the risks of tying money up in coal, oil and gas, and the G20's Financial Stability Board is putting together a new global task force to track climate-related financial risk. Finances aside, keeping polluting, harmful fossil fuel behemoths afloat is simply not compatible with a safe, healthy future.
  • To reap the rewards of renewables, ambitious and steady EU policy is crucial. As investors flee fossil fuels, renewables are booming in much of the world: at the Paris climate summit major projects were announced from India's "solar alliance" to Africa's plan to reach 300GW of renewables by 2030. Europe, the former clean energy front-runner, risks missing out on huge investments unless it ensures it has stable and ambitious climate and energy policies.

YOU MIGHT ALSO LIKE

World's First Solar-Powered Jacket Keeps You Warm All Winter Long

How Much Energy Does It Take to Power Your Everyday Life?

The Rooftop Solar Wars Continue

This Tesla-Loving Superstar Is Helping Power Africa With Solar

EcoWatch Daily Newsletter

A Starbucks barista prepares a drink at a Starbucks Coffee Shop location in New York. Ramin Talaie / Corbis via Getty Images

By Cathy Cassata

Are you getting your fill of Starbucks' new Almondmilk Honey Flat White, Oatmilk Honey Latte, and Coconutmilk Latte, but wondering just how healthy they are?

Read More
Radiation warning sign at the Union Carbide uranium mill in Rifle, Colorado, in 1972. Credit: National Archives / Environmental Protection Agency, public domain

By Sharon Kelly

Back in April last year, the Trump administration's Environmental Protection Agency decided it was "not necessary" to update the rules for toxic waste from oil and gas wells. Torrents of wastewater flow daily from the nation's 1.5 million active oil and gas wells and the agency's own research has warned it may pose risks to the country's drinking water supplies.

Read More
Sponsored
Swedish climate activist Greta Thunberg takes part in a "Friday for Future" youth demonstration in a street of Davos on Jan. 24, 2020 on the sideline of the World Economic Forum annual meeting. FABRICE COFFRINI / AFP via Getty Images

Treasury Secretary Steven Mnuchin pretended not to know who Greta Thunberg is, and then he told her to get a degree in economics before giving world leaders advice, as The Guardian reported.

Read More
The Visible Infrared Imaging Radiometer Suite on the Suomi NPP satellite acquired this image of forest fire smoke hovering over North America on Aug. 15, 2018. NASA Earth Observatory

New York City isn't known for having the cleanest air, but researchers traced recent air pollution spikes there to two surprising sources — fires hundreds of miles away in Canada and the southeastern U.S.

Read More
If temperatures continue to rise, the world is at risk from global sea-level rise, which will flood many coastal cities as seen above in Bangladesh. NurPhoto / Contributor / Getty Images

The mounting climate emergency may spur the next global financial crisis and the world's central banks are woefully ill equipped to handle the consequences, according to a new book-length report by the Bank for International Settlements (BIS), as S&P Global reported. Located in Basel, Switzerland, the BIS is an umbrella organization for the world's central banks.

Read More