At the AGM of German energy giant RWE today, Fossil Free activists called on investors to ditch their shares in the company. The activists argued that the high risk that much of RWE’s assets will become stranded, and the company’s business model that is wrecking the climate make investments unacceptable, especially for local governments.
Fossil Free activists unfurled banners that read, “Leading the way means accepting responsibility! Divest from fossil fuels” referring to a marketing message of the corporation. They also addressed the audience with speeches and confronted the board of directors with questions. The AGM was accompanied by load protests from various civil society groups outside the venue.
RWE has seen major losses over recent years. Chairman Peter Terium admitted that this is RWE’s own fault since the company has bet on its fossil fuel portfolio for too long. RWE is the single biggest emitter of CO2 among energy giants in Europe. Almost 80% of RWE’s electricity is generated from fossil fuels, mostly coal.
RWE’s dramatic losses have hit local governments that invested in the company hard. They had to depreciate their assets by millions. It’s time for cities to divest from RWE and other fossil fuel corporations. Their public money should be invested in local, community-led renewable energy projects that will create local jobs and benefits
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