Mayors of 12 major cities announce divestment from fossil fuel companies

New York City, London and Berlin are among the cities which have committed to divesting city assets and pension funds from fossil fuel companies

Leaders of 12 major cities, representing around 36 million residents, have pledged to divest from fossil fuel companies and advocate for greater sustainable investment.

Mayors of Berlin, Bristol, Cape Town, Durban, London, Los Angeles, Milan, New Orleans, New York City, Oslo, Pittsburgh, and Vancouver have signed up to the C40 initiative to divest city assets and pension funds from fossil fuel companies and increase financial investments in climate solutions to help the green economy.

The signatories were unveiled at a virtual Climate Week NYC event.

C40 Cities Climate Leadership Group is a consortium of cities around the world focused on tackling climate change and driving urban action that reduces greenhouse gas emissions and climate risks.

The initiative also aims to support the health and wellbeing and economic opportunities of citizens.

Eric Garcetti, C40 Chair and Los Angeles Mayor said: “Our declaration makes a clear statement. If we’re serious about a sustainable, just, and prosperous future, we have to put our money where our mouth is, remove public dollars from companies harming the Earth, and power our cities with bold investments in low carbon industries.”

Mayor of London, Sadiq Khan said: “The climate emergency remains one of the biggest threats we face.  Global collaboration will help us shift away from fossil fuels, confront challenges and drive climate action.”

Bill de Blasio, Mayor of New York City, commented: “In New York City, we know that taking action on climate change is not optional. As we recover from Covid-19, we must make our cities even stronger.”

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