Stockholm withdraws investment in coal, oil and gas

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The Swedish environmental campaign organisation, Fossil Free Stockholm, has announced that the Swedish capital has withdrawn investment from coal, oil and gas companies.

The citizen-led group, which has been active in Sweden since 2013, has been campaigning for the city to end its investment in fossil fuels for over a year and a half. The change in Stockholm’s investment policy has seen around 30 million SEK divested from fossil fuel companies.

Fossil Free is a growing international divestment movement calling for organisations, institutions and individuals to demonstrate climate leadership and end their financial support for the fossil fuel industry.

In a statement released yesterday, 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.”

“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,” Maunder added, in reference to the upcoming decision over the sale of Swedens state-owned energy company, Vattenfall’s coal assets to foreign investor, EPH.

The city of Stockholm now joins Malmö, Uppsala, Copenhagen, Oslo, Paris and cities all across the world in cutting their financial ties to the fossil fuel industry.

“This year has seen unparalleled climate action with thousands of people taking to the streets, joining civil disobedience to keep Vattenfall’s coal in the ground and making creative calls for divestment,” says Christian Tengblad, Swedish divestment organiser at 350.org.

“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.”

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