Quantcast
Climate

Oslo Becomes First Capital City in the World to Divest From Fossil Fuels

The City of Oslo has, today, become the first capital city in the world to ban investments in fossil fuels, as it announced it will divest its $9 billion pension fund from coal, oil and gas companies.


Today's announcement follows a previous pledge in March to ban investment in coal.

Lan Marie Nguyen Berg, of the Green Party in Oslo said:

We are very happy to announce that Oslo will take responsibility for the climate, both through our own policies and our investments. The time for climate action is now, and the new city government will address climate change both locally and globally. The reduction in pollution will make the city even better to live in, and ensure that we take our global responsibility.

In June this year, the Norwegian Parliament also announced the country's Sovereign Wealth Fund—worth $900 billion—would sell off over $8 billion in coal investments.

Oslo's “brave decision" just weeks away from the UN climate talks in Paris has been welcomed by but national and international environmental groups.

Arild Hermstad of Norwegian environmental NGO Future in Our Hands said:

There's a strong symbolism when the capital city of our oil producing nation says 'no' to investing in fossil fuels. It shows that fossil fuels are history, and that shifting away from them, and to renewables, is the future. We expect and we encourage other oil producing countries to follow suit.

350.org Europe Team Leader Nicolò Wojewoda said:

Oslo sets an example for cities around the world and shows investors like the Norwegian pension fund that if you have committed to divest from coal, it's time to take the jump to divest from all fossil fuels now. If you want to see climate action, you can't continue investing in the coal, oil and gas companies that are ruining our climate.

Oslo joins a growing movement of 45 cities around the world that have committed to ban investments in coal, oil and gas companies.

Last month, a study showed that to date more than 400 institutions and 2,000 individuals from across 43 countries, and managing more than $2.6 trillion have pledged to ditch their holdings in fossil fuels.

As it becomes clear that large swathes of known fossil fuels must be left in the ground if the world is going to limit global temperature rise below the internationally agreed danger threshold of 2C, more and more institutions are pulling their funds out of these risky, dirty energy companies, and shifting their investments into fueling a renewable energy future.

What began as half a dozen college campuses in 2011, has grown to a global movement that is reaching right to the heart of the financial sector.

And the pressure is now on other to follow Oslo's suit as the fossil fuel divestment movement challenges more investors to commit to divest from fossil fuels in the lead-up to the climate negotiations in Paris.

Wojewoda said:

Through this win and strong campaigns in London, Berlin, Amsterdam, Stockholm and many more cities, divestment is moving on to an even bigger stage—we hope that national governments in capital cities around the world will take notice, and start breaking their own links with the fossil fuel industry.

YOU MIGHT ALSO LIKE

The 21 Best Countries to Live In

Larry David as Bernie Sanders on Saturday Night Live: 'We Need a Revolution'

Bill McKibben Gets Arrested Exposing Exxon's 'Unparalleled Evil'

Leonardo DiCaprio Pledges to Divest From Fossil Fuels as Movement Grows 50-Fold in One Year

Show Comments ()
Sponsored
Climate
Deep-sea corals may not be flashy, but they deserve a second look. Oceana

Ignoring Deep-Sea Corals Is Risky for the Oceans, and for Us

By Nathan Johnson

The deep sea might be cold and dark, but it's not barren. Down here, an incredible diversity of corals shelters young fish like grouper, snapper and rockfish. Sharks, rays and other species live and feed here their whole lives.

Brightly colored coral gardens, far beyond the reach of the sun's rays, don't just nurture deep-sea life. They also help advance medical research and understand climate change.

Keep reading... Show less
Energy
Kristian Buus / Greenpeace

Green Groups Balk at England’s Plan to Fast Track Fracking

Government ministers published proposals Thursday that would speed the development of fracking in England, igniting opposition from environmental groups and local communities, The Independent reported.

Keep reading... Show less
Energy

Before Royal Wedding Sermon, Rev. Curry Stood With Standing Rock Pipeline Opponents

Bishop Michael Curry, who delivered a passionate wedding sermon to royal newlyweds Prince Harry and Meghan Markle on Saturday, also gave a powerful message about two years ago to Dakota Access Pipeline protesters at Standing Rock, North Dakota.

On Sept. 24, 2016 at the Oceti Sakowin Camp, the reverend offered the Episcopal Church's solidarity with the water protectors, noting that, "Water is a gift of the Creator. We must protect it. We must conserve it. We must care for it."

Keep reading... Show less
Climate
Coral bleaching like this (in the Great Barrier Reef) is killing the largest reef in Japan. Oregon State University / CC BY-SA 2.0

Only 1% of Japan’s Largest Reef Still Healthy After Historic Bleaching Catastrophe

In a sobering reminder of the impact of climate change on marine biodiversity, a survey by the Japanese government found that barely more than one percent of the coral in the country's largest coral reef is healthy, AFP reported Friday.

The reef, located in the Sekisei Lagoon near Okinawa, has suffered mass coral bleaching events due to rising sea temperatures in 1998, 2001, 2007 and 2016.

Keep reading... Show less
Sponsored
Energy

Train Carrying 250,000 Liters of Fuel Derails on Kenyan Coast

A cargo train carrying 250,000 liters (66,000 gallons) of super petroleum, or unleaded gasoline, derailed off its tracks after taking a sharp turn along Kenya's eastern coast, forcing the closure of a major highway over the weekend, according to local reports.

The accident occurred early Sunday in Kibarani in Mombasa County, and prompted authorities to completely close off Makupa Causeway, the main link between the mainland and Mombasa Island, fearing a fire would break out after spillage of the highly flammable liquid, The Star, Kenya reported.

Keep reading... Show less
Politics
The farm bill's historic conservation provisions are important for preserving grassland biodiversity, like this black-footed ferret and prairie dog. USFWS Mountain-Prairie / CC BY 2.0

Farm Bill Harmful to Endangered Species and Conservation Fails in House

A farm bill with dangerous consequences for endangered species and conservation efforts failed to pass the House on Friday, The Guardian reported.

The 2018 version of the major agricultural bill was criticized by environmental groups because it would have allowed the Environmental Protection Agency (EPA) to approve new pesticides without assessing their impact on wildlife protected under the Endangered Species Act. The bill would also have cut funding for land conservation programs by $800 million over the next ten years.

Keep reading... Show less
Sponsored
Animals
Pixabay

Controversial Kangaroo Cull Underway in Canberra

By Stephanie Koorey

May is late autumn in the southern hemisphere, and as we creep closer to winter, Canberra, Australia's capital city, is carrying out its annual, and controversial, kangaroo cull. With some pride, the city is known as the "bush capital" due to its wide corridors of native grasslands and gumtree and casurina tree woodlands, and an abundance of accompanying wildlife. As the city sprawls, it is displacing native habitats. At the same time, suburban lawns and sports ovals offer appealing alternative spaces for some animals, particularly our largest and most mobile grazing species, the eastern grey kangaroo. Due in part to the near disappearance of the kangaroo's main natural predator, the dingo or wild dog, and declines in traditional Indigenous hunting, kangaroo populations have exploded over recent decades.

Keep reading... Show less
Food
pxhere

Opinion: The 2018 Farm Bill Battle Lines Have Been Drawn: Here’s What You Can Do

Last week, the Republican-drafted Farm Bill, called the Agriculture and Nutrition Act of 2018 (H.R. 2), failed spectacularly on the House floor when Republicans tried to leverage the farm bill to placate conservatives' agenda on immigration. Nevertheless, H.R. 2, which generally benefits large commodity producers while compromising long-term food security, provides a helpful view into where the policy battles are being fought on the road to passage.

Keep reading... Show less
Sponsored

mail-copy

The best of EcoWatch, right in your inbox. Sign up for our email newsletter!