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Berlin Latest City To Divest From Fossil Fuels

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Berlin’s parliament voted Thursday to pull its money out of coal, gas and oil companies. berlin2-042 copy The new investment policy, part of the German capital’s goal of completely weaning off carbon by 2050, will force the city’s pension fund, worth $852.8 million, or €750 million, to divest from shares of German oil giants RWE and E.ON, as well as the French behemoth Total.  The move comes a week after Stockholm, the capital of Sweden, vowed to end its investments in fossil fuels companies, making Berlin the seventh major Western city to join a divestment movement that already includes Paris, Copenhagen, Oslo, Seattle and Melbourne. In September, New York Mayor Bill de Blasio urged the city’s five pension funds, worth a collective $160 billion, to sell their $33 million exposure to coal, by the far the dirtiest fossil fuel.  A handful of smaller U.S. cities have pledged to curtail fossil fuel investments, too.

From Huff Post  Photo Credit John Vlahakis

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