Stockholm to drop fossil fuel investments

Sweden’s capital, Stockholm, will divest from its stakes in fossil fuel companies, according to a government announcement.

Stockholm will withdraw from investments in coal, oil, and gas, worth an estimated 30 million SEK (£2.45 million).

The move follows a citizen-led campaign over the last 18 months and the announcement was made by city officials on Tuesday.

The announcement comes after an 18-month campaign from a citizen group in the city, and is part of a wider global divestment movement that has seen hundreds of major companies and organisations withdraw from fossil fuel related assets.

Stockholm officials also announced stricter measures to ensure responsible investing in the future.

Andrew Maunder, a campaigner with Fossil Free Stockholm, said: “Stockholm’s decision to divest from companies driving the climate crisis demonstrates that it’s no longer morally acceptable to invest in or support business as usual for the fossil fuel industry.”

Christian Tengblad, Swedish divestment organiser at 350.org said: “This year has seen unparalleled climate action with thousands of people taking to the streets, joining civil disobedience… and making creative calls for divestment.”

Tengblad added: “As our capital city takes a stand against oil, coal, and gas, our national government needs to follow suit and take responsibility for its carbon reserves by making sure the state-owned lignite in Germany never gets burned.”

 Maunder continued: “Stockholm’s political leaders clearly understand that averting the climate crisis means doing everything in their power to keep any more fossil fuels from being burnt… We congratulate them on this historic decision and hope our national politicians are paying close attention, as they consider whether or not to keep Sweden’s own lignite reserves in Germany in the ground.”