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Oslo becomes first capital city to divest from fossil fuels

Creative Commons: George Rex, 2014

Creative Commons: George Rex, 2014

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.

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 over 400 institutions and 2000 individuals from across 43 countries, and managing more than $2.6 trillion have pledged to ditch their holdings in fossil fuels.

Continue reading here.

 

 

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