On Tuesday night, BCP Councillors used their last meeting before May’s elections to ask the Dorset Pension Fund, to move ‘all remaining energy investments in the pension fund to sustainable energy investments by the end of 2024’. Effectively this means, stop funding fossil fuels, go invest in renewables.
Campaigners from Dorset Action on Pensions who have supported the efforts are delighted with the outcome. They pay tribute and thanks to the BCP Councillors who brought the motion and to the Council for their commendable decision.
Cllr Dr Felicity Rice who instigated the matter said ‘The support for this motion demonstrates how public opinion has dramatically changed in the last couple of years. It is now essential that the Dorset Pension Fund moves our investments away from fossil fuels as quickly as possible, so that they do not risk our employees’ investments becoming worthless, and stuck in oil and gas that is not going to be used. I also find it crazy that we have been using BCP residents’ money to invest in fossil fuels, which will cause flooding and coastal erosion to many areas in Dorset that those same residents know and love. The sooner money is moved away from fossil fuels, the better.’
Cllr Chris Rigby who seconded the motion highlighted the further benefits ‘BCP council has committed to being carbon neutral by 2030, and this includes the carbon footprint of its investments. Therefore, this is an easy way for BCP council to reduce its carbon footprint in a fairly simple and very low-cost way’.
Caz Dennett from Dorset Action on Pensions was overjoyed at the news the motion was passed. ‘It is wonderful to have something to celebrate, bravo BCP Council! I look forward to Dorset Pension Fund Committee taking the necessary steps. They have made good progress in the past couple of years, moving £87 million out of fossil fuels. However, I hope this gives them the courage and confidence to remove the remainder, about £40 million, by the end of next year.”
The campaign group not only engage with the Dorset Pension Fund Committee they also pressure Brunel Pension Partnership to be more supportive of divestment. Brunel manage the investments for Dorset and 8 other Local Government Pension Schemes and the Environment Agency. Brunel acknowledge that decision-making authority lies firmly with the Pension Fund Committees themselves, but they have told campaigners they are against divestment, preferring to remain as shareholders in companies like Shell and BP, in order to influence them to transition to low-carbon energy. Campaigners say this just provides a backdoor to greenwashing, giving them credibility for something they simply have no intention of doing.
Julie-Ann Booker, is a pensioner and pension campaigner in Dorset and across the South West, she says “As a pension fund member it’s really hard to accept that my savings are funding companies that are recklessly damaging the planet and my kids’ future, and frankly everyone’s future. It really is a horrible feeling. And it’s this that motivates me to keep on at the Pension Fund Committee, and Dorset Council and Brunel to clean up our pensions. It’s got to be done, and fast. We hope Dorset Council will propose and pass a similar motion soon, and that Brunel will not get in the way of such a positive and sensible decision. Brunel should look for a seat at the table in renewable energy companies, rather than continue to schmooze with Big Oil& Gas.’
Dorset Green Councillor Dr. Jon Orrell was also very pleased to hear the BCP motion had passed. As a retired GP Jon is painfully aware of the health crises that fossil fuel companies are causing. “Climate change is bringing serious impacts on health, and not just in faraway places, but here at home too. Heat waves like those we have experienced the past few summers, put already clinically vulnerable people at risk of severe illness or death. There is a risk that air-born diseases such as malaria will become the norm in the UK when the average global temperatures rise and the malaria-carrying mosquitos make their home here. Air pollution is another contributor to poor health, and is problematic already. These are known and very real risks. So we must do all we can to stop carbon emissions and move to clean energy asap, the right Pension Fund investments are key to this transition.”
The decision by BCP reflects a growing trend in fossil fuel divestment. This month insurance giant Aviva announced they would move £2.5 billion away from fossil fuels, and in October 18 University Pension Funds pledged to divest £18 bn worth of fossil fuel investments.
Caz reflects optimistically “There is likely to be more movement in this direction from local Councils in the near future. Friday 24th March is UK Divest National Day of Action, and there are campaigners up and down the country urging their Councils to do exactly what BCP have just done!”
For further information about the Dorset Action on Pensions campaign visit: www.DTAction.co.uk/Dorset
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