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Digital Subscriptions > Cities Today > Issue 21 > Copenhagen bans investments in coal, oil and gas

Copenhagen bans investments in coal, oil and gas

DENMARK

The City of Copenhagen is pulling out of its investments in coal, oil and gas companies. The city council has agreed to divest the fossil fuel holdings of the city’s €920 million investment fund.

“Copenhagen’s decision to divest shows that the fossil fuel industry is rapidly losing its social acceptance and consequently its political influence,” Melanie Mattauch, Europe Communications Coordinator for 350. org, an international effort to raise awareness of the need to decrease carbon dioxide concentration in the atmosphere to 350 parts per million, told Cities Today. “The mayor of Copenhagen has been clear that the decision was motivated by the realisation that it’s wrong to still be investing in companies that are driving the climate crisis.”

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