Ahead of the Global Climate Action Summit, C40 has announced the launch of the Divest/Invest Forum to increase the number of cities committed to divest from fossil fuels.
As major cities around the world pledge to jettison millions in fossil fuel stocks and bonds, C40 Cities, in partnership with London and New York City, will launch the C40 Divest/Invest Forum, a first-of-its-kind initiative to help urban leaders make the leap to effective and efficient divestment and accelerate green investment.
Based on C40’s model of peer-to-peer learning, the C40 Divest/Invest Forum will connect cities inside and outside the C40 network including Paris, Pittsburgh, San Jose, San Francisco and Oslo, allowing leaders to share best practices, knowledge and tools proven to accelerate divestment.
The forum will be an important platform for cities interested in exploring divestment for the first time, affording them the opportunity to learn from others that have successfully taken action.
With cities accounting for more than 70% of greenhouse gas emissions responsible for global climate change, mayors and city leaders have realised the urgent need to make urban life greener.
While demand for more sustainable services, such as emissions-free transport and energy efficient buildings, is higher than ever before, many cities are unable to obtain the capital needed to develop and finance these innovative projects. Divestment from fossil fuels allows urban leaders the chance to recalibrate their investment strategies and reprioritise sustainable solutions that fit the needs of today’s city dwellers.
The C40 Divest/Invest Forum plays a critical role in supporting the future of city climate leadership and demonstrating how cities are crucial contributors to a cleaner, greener future.