Investing in green initiatives could accelerate an economic recovery from the Covid-19 pandemic, but if the federal government isn’t willing to divest from fossil fuels, then it’s up to local governments to do so. Recently, mayors of 12 major cities signed C40’s “Divesting from Fossil Fuels, Investing in a Sustainable Future” declaration.
The declaration cites fossil fuel dependence as the leading cause of the climate crisis and urges cities, pension funds, and investors to break away from a fossil fuel economy and transition to a more resilient, sustainable economy through green investments.
“We’re in a make-or-break decade for the preservation of our planet and our livelihoods, and C40 Cities are leading the transition to a society and economy that don’t rely on dirty fossil fuels,” said Eric Garcetti, Mayor of Los Angeles.
The declaration was initially signed by the mayors of Berlin, Bristol, Cape Town, Durban, London, Los Angeles, Milan, New Orleans, New York City, Oslo, Pittsburgh, and Vancouver. Together the cities represent more than 36 million residents.
As a part of the declaration, the coalition of mayors pledge to advocate for sustainable, fossil-free finance by other investors and all levels of government, calling for ambitious, long-term climate policies and increased transparency. The mayors will also call on their pension funds to divest from fossil fuels and instead make investments into climate solutions that are more sustainable and promote resiliency.