Copenhagen will divest from fossil fuels
Now we can add another to the list.
As reported by The Guardian, the mayor of Denmark's capital city is preparing plans to divest its 6.9bn kroner investment fund from all holdings in coal, oil and gas. The measure, which is expected to be approved by a finance committee today, would see this wonderful, innovative city joining the likes of Dunedin in New Zealand and several towns in Massachusetts in declaring that it's not enough to plan sustainable transport plans or promote clean energy.
Cities, if they truly want to be sustainability leaders, will need to leverage their financial muscle too to bring about real and lasting change. Who knows, maybe now that Copenhagen is declaring its position in the move away from fossil fuels, cities like London will revisit the question of where they want to be parking their money.
And for those who continue to push the line that divestment is purely a symbolic move, let's not forget this simple fact: As more and more cities declare their intention to pursue 100% clean energy, investing in fossil fuels ofr the medium or long term becomes an increasingly risky financial bet.
Copenhagen gets it. When will other cities make this important but inevitable move?