Quantcast

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

Climate

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

EcoWatch Daily Newsletter

Chinese cobra (Naja atra) with hood spread. Briston / Wikimedia, CC BY-SA

By Haitao Guo, Guangxiang "George" Luo and Shou-Jiang Gao

Snakes – the Chinese krait and the Chinese cobra – may be the original source of the newly discovered coronavirus that has triggered an outbreak of a deadly infectious respiratory illness in China this winter.

Read More
Coca-Cola says it will not phase out its plastic bottles. Roberto Machado Noa / LightRocket / Getty Images

Despite its status as the world's No. 1 corporate plastic polluter, Coca-Cola won't be phasing out its single-use plastic bottles anytime soon.

Read More
Sponsored
Myakka River State Park outside of Sarasota, Florida on Dec. 30, 2016. The park is a small preserve of rare protected habitat along Florida's Gulf Coast, a region that has seen intense development and population growth. Andrew Lichtenstein / Corbis via Getty Images

Today, the Trump administration will finalize its replacement for the Obama-era Waters of the United States (WOTUS) rule in a move that will strip protections from more than half of the nation's wetlands and allow landowners to dump pesticides into waterways, or build over wetlands, for the first time in decades.

Read More
"It would be great to see all the candidates join Elizabeth Warren in taking the No Big Ag Money Pledge," said Citizens Regeneration Lobby's Alexis Baden-Mayer. Peter Blanchard / Flickr / ric (CC BY 2.0)

By Andrea Germanos

Food system justice and environmental advocates on Wednesday urged all Democratic presidential hopefuls to follow in the footsteps of Sen. Elizabeth Warren in signing a pledge rejecting campaign cash from food and agribusiness corporations.

Read More
A new study shows the impact Native Americans had on landscapes was "small" compared to what followed by Europeans. The findings provide important takeaway for conservation in New England today, seen above in a view of areas surrounding Rangeley Lakes in Maine. Cappi Thompson / Moment / Getty Images

There's a theory going around that Native Americans actively managed the land the lived on, using controlled burns to clear forests. It turns out that theory is wrong. New research shows that Native Americans barely altered the landscape at all. It was the Europeans who did that, as ZME Science reported.

Read More