4 minute read
Divestment News Roundup
Activists in Stirling with anti-coal campaigners from Colombia. Photo: Ric Lander
In the last edition of What on Earth, we reported on how Scotland’s councils still invested over £1.2 billion in fossil fuel companies – despite many of these councils having declared a ‘climate emergency’ .
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The globally influential International Energy Agency’s recent report stated “There is no need for investment in new fossil fuel supply in our net zero pathway. ” The excuses for inaction are falling away fast. The good news is that thanks to your activism across the country, Councillors are speaking out against these investments and leading some major changes. For the first time both Falkirk and Stirling Councils have written to their shared pension fund requesting an end to investment in fossil fuels. Fife Council also backed a first step towards divestment, a change that would see the Council breaking ties with Shell, owner of the area’s biggest polluter at Mossmorran. Renewed campaigning is also getting started in Highland and Lothian areas. Could our councils be in a race to divest ahead of the UN climate talks? Others have crossed the line already: Edinburgh Napier have just announced they’re fully fossil free, making them the 88th UK university to make this commitment.
The excuses for inaction are falling away fast.
And five years since the issue was first raised by their Youth Assembly, Church of Scotland members finally approved the Church divesting from fossil fuels. Sally Foster-Fulton of Christian Aid reacted: ‘Communities living with the devastating consequences of climate chaos have been consistently calling on us all to make the significant changes necessary to bring climate justice. Investing our money and our energy in renewable and sustainable resources is one practical way to respond. ’ Earlier in the spring campaigners in Scotland were also instrumental in securing a commitment from the UK Methodist Church.
We’re investigating fossil fuel connections in new places. If you’re a member of one of these pension funds and would support efforts to divest, email sclark@foe.scot
> Highland and Lothian pension funds > BT > RBS and other high street banks > Electricity Pensions > Railways Pension Scheme > Universities Superannuation Scheme
Glasgow could make history in September
By Ric Lander & Sally Clark, Divestment Campaigners
Glasgow Councillors could make the UK’s biggest divestment commitment yet at a crunch meeting in September. Here’s how campaigning got us this far, and what’s left to do.
It’s just months to go now until Glasgow hosts the United Nations climate talks, and the clock is ticking on whether the city can pull off one of the UK’s biggest ever wins for climate justice. Glasgow Council runs the Strathclyde Pension Fund which, at £24 billion pounds, is one of Europe’s largest pension funds and Scotland’s biggest pot of public money. Despite the Council declaring a climate emergency in 2019 this fund still invests heavily in climate polluters: over £500 million according to our 2021 report. Yet change may come soon. After fossil fuel divestment was proposed as part of the City’s climate emergency response, Glasgow City Councillors overwhelmingly backed fossil fuel divestment in April. Proposed by Greens and with backing from the SNP and Labour, the motion was non-binding, but nonetheless a milestone political win for fossil free campaigning.
Fast forward to June, and having received the call for action, it was now the job of Councillors on the City’s independent Pension Committee to decide what to do.
Photo: Colin Hattersley
They took a step in the right direction but stopped short of divesting the pension fund. Their motion supported some divestment taking place but didn’t mention fossil fuel companies and didn’t set a timeline. They agreed the Fund would divest from any companies which did not meet minimum climate standards but did not agree what these standards should be. If something meaningful is to be done by COP26 a final decision must now be made at a crucial Pension Fund Committee meeting in September. The risk in Glasgow is that if minimum standards are too weak, the £24 billion fund may continue to invest in polluters simply because these companies make vague 2050 pledges whilst continuing to explore and develop more polluting fuels. Campaigners in Glasgow and Strathclyde are busy piling on the pressure to ensure this goes the right way. Hundreds of you signed an open letter supporting divestment, protests have taken place with Divest Strathclyde and Extinction Rebellion Glasgow, there have been press stories and online events, and plans are afoot to link with global campaigners in the run up to COP26. The impact of a strong fossil fuel divestment policy being announced in the host city just weeks before the conference would wave a huge flag that polluters are not welcome in Glasgow. At the same time, a win here could unlock millions to invest in a sustainable future. The Cardiff, Lambeth and Waltham Forest council pension funds have already fully committed to going fossil fuel free. Scotland can join them, and if it does, others will surely follow.
