Oslo becomes the world’s first capital city to reject coal investments


Norwegian capital joins global divestment movement after citizen protests

COAL investments held by the City of Oslo will be sold off as part of support for environmental investment.

The actions by the council’s financial body are a response to support for the global fossil fuels divestment campaign, which has received the support of towns and cities across the world.

While major population centres in America have backed the campaign, Oslo is the first global capital to back coal divestment.

The Guardian reported the decision, which will include removing $7m of pension fund investments from the city’s pension fund to other sectors. (click here to read more.)

Eirik Lae Solberg, in comments to NRK tv station, said: “We are pulling ourselves out of coal companies, because power generation based on coal is one of the most environmentally harmful in the energy sector. We want to use our investments to promote more environmentally-friendly energy and a more environmentally-friendly society.”

Protests last month in the city attracted crowds of over 1,000, who called on greater support for fossil fuel divestment.

Last month Norway’s national oil fund also stopped investing in coal companies.

In Scotland, the University of Glasgow announced plans to divest from oil companies after academics and students successfully campaigned for an environmental investment policy.

An ongoing campaign at the University of Edinburgh is calling on the university authorities to join the divestment campaign. (click here to read more.)

Picture courtesy of Damien Smith