Sheffield is on target to become the world’s first fossil free city.
The City Council voted on Friday to cut its investments in fossil fuel companies.
The decision came a year after the University of Sheffield, alongside its students’ union, voted to divest its £40m endowment to fossil fuels, putting the money towards more renewable energy development.
Sheffield Hallam University was quick to follow suit, only two months later it announced that it had not, and will not, invest into fossil fuels.
Kate Stott, a member of Sheffield Climate Alliance, said: “This decision is a clear indication of Sheffield’s commitment to be a climate leader and its support for the Paris Agreement to limit global warming to two degrees”
Sheffield’s Green Party said the money saved should be reinvested into more environmentally sustainable and socially beneficial assets, such as affordable housing and the local economy.
This comes in spite of warnings from central government that local councils and authorities are to face severe penalties for fossil fuel divestment, as it runs counter to central government environmental policy.
Data from the International Energy Agency has shown how the amount of CO² emissions from fuel combustion has increased globally from 23,144 million tonnes in 2000 to 32,381 million tonnes in 2014.
Image Courtesy of: Quinn Dombrowski