Last week, Berlin’s parliament voted to pull its money out of coal, gas and oil companies. The new investment policy, part of the German capital’s goal of completely weaning off carbon by 2050, will force the city’s pension fund — worth $852.8 million, or €750 million — to divest from shares of German oil giants RWE and E.ON, as well as the French behemoth Total.
Berlin now joins Stockholm, the capital of Sweden, after they vowed a week prior to end its investments in fossil fuels companies, making Berlin the seventh major Western city to join a divestment movement that already includes Paris, Copenhagen, Oslo, Seattle, Portland and Melbourne.
Similarly in the US. In December 2013, Seattle was the first city to announce it would divest from fossil fuel investments and: Madison, WI; Bayfield WI; Ithaca, NY; Boulder, CO; Rochester, MN; Eugene, OR; Richmond, CA; Berkeley, CA; and San Francisco, CA would be soon to follow. With hundreds more organizations active to follow suit.