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

The City of Oslo has, today, turn a initial collateral city in a universe to ban investments in hoary fuels, as it announced it will deprive a $9 billion grant account from coal, oil and gas companies.

Today’s proclamation follows a prior oath in Mar to anathema investment in coal.

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

We are really happy to announce that Oslo will take shortcoming for a climate, both by a possess policies and a investments. The time for meridian transformation is now, and a new city supervision will residence meridian change both locally and globally. The rebate in wickedness will make a city even improved to live in, and safeguard that we take a tellurian responsibility.

In Jun this year, a Norwegian Parliament also announced a country’s Sovereign Wealth Fund—worth $900 billion—would sell off over $8 billion in spark investments.

Oslo’s “brave decision” only weeks divided from a UN meridian talks in Paris has been welcomed by though inhabitant and general environmental groups.

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

There’s a clever symbolism when a collateral city of a oil producing republic says ‘no’ to investing in hoary fuels. It shows that hoary fuels are history, and that changeable divided from them, and to renewables, is a future. We design and we inspire other oil producing countries to follow suit.

350.org Europe Team Leader Nicolò Wojewoda said:

Oslo sets an instance for cities around a universe and shows investors like a Norwegian grant account that if we have committed to deprive from coal, it’s time to take a burst to deprive from all hoary fuels now. If we wish to see meridian action, we can’t continue investing in a coal, oil and gas companies that are ruining a climate.

Oslo joins a flourishing transformation of 45 cities around a universe that have committed to anathema investments in coal, oil and gas companies.

Last month, a study showed that to date some-more than 400 institutions and 2,000 people from opposite 43 countries, and handling some-more than $2.6 trillion have affianced to embankment their land in hoary fuels.

As it becomes transparent that vast swathes of famous hoary fuels contingency be left in a ground if a universe is going to extent tellurian heat arise next a internationally concluded risk threshold of 2C, some-more and some-more institutions are pulling their supports out of these risky, unwashed appetite companies, and changeable their investments into fueling a renewable energy future.

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

And a vigour is now on other to follow Oslo’s fit as a hoary fuel divestment transformation hurdles some-more investors to dedicate to deprive from hoary fuels in a lead-up to a meridian negotiations in Paris.

Wojewoda said:

Through this win and clever campaigns in London, Berlin, Amsterdam, Stockholm and many some-more cities, divestment is relocating on to an even bigger stage—we wish that inhabitant governments in collateral cities around a universe will take notice, and start violation their possess links with a hoary fuel industry.

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