C40 Cities, in partnership with London and New York, are set to launch the C40 Divest/Invest Forum. The forum is a first-of-its-kind initiative aimed at helping urban leaders make the leap to effective and efficient divestment from fossil fuels and accelerate green investment.

Based on C40’s model of peer-to-peer learning the forum will provide an important platform for cities interested in exploring divestment for the first time to learn from others who have successfully taken action.

Recalibrating investment strategies

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 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.

Sustainable investment is key

“Investment strategies of the past are not conducive to the sustainable future that cities around the world are so diligently working towards, said Mark Watts, Executive Director, C40 Cities.

“Divestment from fossil fuels offers a golden opportunity for cities to create innovative solutions to some of their pressing challenges. From transportation to air pollution to energy efficiency, there are so many areas where cities can do better by their citizens and sustainable investment is the key to making these solutions a reality.”