First German city to pledge divestment from fossil fuels

The City of Münster has become the first German city to ban its pension fund from investing in coal, oil, and gas companies, in the latest victory for the growing global divestment campaign.

Following the decision, the city's two municipal pension funds - worth €22m combined – are now blocked from investing in fossil fuel corporations.

"To minimise financial risks for the City of Münster and reach our municipal climate targets, we need to pull out of fossil fuel companies as quickly as possible," said Otto Reiners, a Green party councillor, in a statement.

BusinessGreen

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