On 22nd September, 12 cities pledged to divest from fossil fuel companies and advocate for greater sustainable investment, as part of their commitment to accelerating a green and just recovery from Covid-19. Part of the C40, which is a ‘network of the world’s megacities committed to addressing climate change,’ this declaration represents over 36 million city residents. Signatories pledged to use their financial resources to promote a just and clean energy transition through concrete actions at the city, national and international levels.

C40’s declaration, ‘Divesting from Fossil Fuels, Investing in a Sustainable Future,’ brings together mayors of some of the world’s largest and most influential cities such as New York, London, Berlin, Cape Town, Durban, Milan and Vancouver. The declaration is: ‘Now is the time to divest from fossil fuel companies and undertake investment and policy change that prioritises public and planetary health, building back a more equal society and addressing this climate emergency.’

The mayors have pledged to take one or more actions to increase green investments and divest from fossil fuels. Some of these actions include increasing investments in the green economy and encouraging the city pension fund to develop a policy to divest from fossil fuel companies and to invest in climate solutions.

Earlier this year, C40 mayors called on national governments to end public investments in fossil fuels in response to the Covid-19 pandemic. At the C40 World Mayors Summit in Copenhagen in October last year, the Global Green New Deal was announced which committed to protecting the environment, strengthening the economy, and building more equitable communities through inclusive climate action.