C40 Cities has released its declaration, “Divesting from Fossil Fuels, Investing in a Sustainable Future,” with the support of the mayors of 12 major cities from around the world. The declaration looks to fossil fuel-free, green finance as a key strategy for rebuilding equitable, sustainable urban economies and increasing resilience against future crises. C40 considers green finance to be an effective way for cities, pension funds and other institutional investors to protect their assets from climate-related risks and take advantage of the financial opportunities presented by the world’s transition towards a green economy.
“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,” said Bill de Blasio, mayor of New York City. “That’s why we’re committed to a green recovery and divesting from fossil fuels, while creating jobs in our communities with investments in clean energy, resilient infrastructure, and environmental justice to secure a livable future for our grandchildren.”
The declaration calls for the commitment to:
- divest all city assets and pension funds from fossil fuel companies;
- increase financial investments in climate solutions; and,
- advocate for fossil-free finance from other investors.
The signatories include Berlin, Bristol, Cape Town, Durban, London, Los Angeles, Milan, New Orleans, New York City, Oslo, Pittsburgh, and Vancouver.
Mayor of London, Sadiq Khan said: “The climate emergency remains one of the biggest threats we face. Citizens around the world are demanding action and it’s time for cities to ditch fossil fuel investments and accelerate green investments that drive low carbon jobs. In London we have demonstrated that divestment is possible and indeed essential for our future. Through our work with New York and C40, I’m delighted to bring together 10 more cities to join us in taking Divest/Invest action. Global collaboration will help us shift away from fossil fuels, confront challenges and drive climate action. As the world recovers from COVID-19, we need to work together to ensure a fairer, fossil-fuel-free green recovery.”