Pursuits
Daimler’s Home Divests From Oil, Coal in Growing German Movement
- Stuttgart divesting to comply with climate-protection criteria
- About $679 million, 20% of Stoxx 600 stocks could be affected
Taillights from passing traffic illuminates the road near the entrance of the Daimler headquarters in Stuttgart.
Photographer: Guenter Schiffmann/BloombergThis article is for subscribers only.
Stuttgart, home to one of Germany’s oldest carmakers, Daimler AG, became the latest city to says it’s divesting from companies that don’t comply with climate-protection criteria.
Tucked in the southwestern corner of Europe’s biggest economy, Stuttgart will join Dusseldorf and other cities in withholding its money from companies with stakes in oil and coal, fracking or shale gas, nuclear power and genetically modified goods, according to a municipal statement. The city of 598,000 people is reviewing Stoxx 600 companies to update its policy governing about 600 million euros ($679 million) of investments.