Berlin will no longer invest in fossil fuels says Fast Company writer Jessica Leber. The city has declared that it will stop using its $825 million pension fund to invest in coal, oil, and gas companies. Berlin joins other cities that have signed on to full or partial divestment, including Stockholm, Copenhagen, Oslo, and Cambridge in Europe, as well as Seattle, San Francisco, and Minneapolis in the U.S.
Divesting in fossil fuels isn't necessarily about directly supporting renewables, but it does free up for funds to support the growing renewable energy economy says Leber. She writes:
Germany is probably a more easy place than Washington for fossil fuel divestment to take root. The nation launched a new energy transition strategy, called the Energiewende, in 2011, to quickly ramp up its renewable energy use and limit carbon emissions. For one Sunday in May, renewable energy actually provided almost all of the entire nation’s electricity. By 2015, renewables were an overall 30% part of the country’s power mix and it is aiming for 40% to 45% by 2025. By contrast, in the United States, renewables currently account for 10% of the overall energy mix and 13% of electricity consumption.