Wednesday 11 November 2015

First German city bans fossil fuel investments

Munster has become the first city in Germany to ban investments in fossil fuels.

Its new ethical investment policy prevents the city’s two municipal pension funds worth €22 million (£15.6m) from investing in fossil fuel companies.

Otto Reiners, a Green Party Councillor said: “To minimise financial risks for the City of Münster and reach our municipal climate targets, we need to pull out of fossil fuel companies as quickly as possible.”

Tine Langkamp, who co-ordinates the divestment campaign for 350.org in Germany added the news is the "first big win for the divestment movement in Germany".

The city joins a growing list of institutions that have committed to divest from fossil fuels, including the UK's University of Warwick and the Environment Agency.