Our fossil fuel divestment group is forming at the moment and is hoping to influence the City and County Councils to stop investing millions from their pension funds into fossil fuel companies.
According to Platform and Friends of the Earth’s new divestment report, Leicestershire’s pension scheme (which Leicester is part of) has about £154 million currently invested in fossil fuels. Even without the urgent nature of the climate crisis, given that this is only 3.7% of their fund, and that fossil fuels are becoming a financially risky investment, now is the time to switch these investments to green ethical option which will leave us all with a better future.
We are deeply aware that while fossil fuel companies are mostly owned and funded by the Western world – for example the UK – the impacts of both fossil fuel extraction and climate change are currently experienced, by the Global South. For example, much of the money Leicestershire pension fund has invested in fossil fuels is with Shell who are destroying and polluting communities, and driving conflict and oppression in Nigeria. Watch this short 2 minute animation about how fossil fuel companies are at the root of climate injustice.
We would love your active support on this campaign, for example, researching, writing letters, and getting our heads around the ethics and complexities of pensions and fossil fuel investment – so please get in touch using the get involved page, and come and join us.
For more information, we recommend this excellent one and a half hour webinar from Platform: Local Government Pension Schemes, Climate Change and Building Community Wealth. This is Leicestershire’s current response to the divestment report.