The group, organized by the World Council of Churches, Operation Noah, Laudato Si’ Movement, Green Anglicans, and GreenFaith, has more than $1.2 billion in combined assets under management.
The total value of the Fund was an estimated $420 million at December 31, 2021, with fossil fuel investments accounting for four per cent of its portfolio.
Indigenous and environmental groups led a campaign against drilling in the refuge, and 29 banks and 14 insurers now say they won’t fund drilling in the refuge.
The current shutdown in Switzerland’s biggest city is due to be completed in 2024 with more areas of Zurich set to see the end of natural gas between now and 2040.
For two decades, citizens have mobilized against different oil and gas projects in Quebec, including shale gas in the St. Lawrence Valley and oil projects in Gaspésie.
The bank has also said it will target a 50% increase in lending for renewable energy by 2025, building on strong growth in 2021, when financing grew 26% to 7.3 billion euros.
The EU will target programs and policies to accelerate the installation of clean, efficient heat pumps to the tune of 10 million new heat pump installations in the next five years.
The ruling will immediately affect oil and mining projects across the country, as they must now seek the consent of Indigenous communities who might be affected by their activities.
This big win follows on the heels of similar recent phase-out votes by the Los Angeles County Board of Supervisors and Culver City Council.
The initiative is part of the Nimbus Project, which aims to encourage a circular economy in the city, starting with green public transportation.
