Dorset Pension Fund is still investing £128 million of their pension member’s money in environment-damaging carbon-emitting fossil fuel companies (oil, gas and coal). They continue to ignore increasing evidence to reconsider their investment strategy, as fossil fuel markets come under pressure and investors move their money out.
Dorset Action on Pensions are now stepping up the campaign, because for every £££ invested in fossil fuel more and more carbon dioxide is released into the atmosphere. In turn this directly causes an increase in global temperature rise, with all its problems for life locally and across the world. The campaign group says “To knowingly create a bleak future for those who are paying their hard earned money into the pension fund now, in the hope of enjoying a good and safe retirement in years to come, is irresponsible”
The event in Dorchester yesterday aimed to give a visual and emotional reminder to Dorset Pension Fund with their ‘stop’ funding fossil fuel companies before it’s too late and ‘go’ invest in something positive for our future messages.
In his first speech at the first Net Zero Pensions summit (4), the coming Climate Change Conference (known as COP) President, Alok Sharma MP, stressed the need for pension funds to invest in a clean, green and prosperous future. “One of my key aims … is to get finance flowing to climate action – both public and private. And with $47trillion in pension funds globally, this sector plays a major role. We need to get our savings for the future, shaping the future”.
Dorset Action were joined yesterday by several campaign groups including Extinction Rebellion, Churches Together Ecology Group, Dorset Climate Action Network, local Dorchester Town Councillors and the very moving Red Rebels.
Campaigners handed out leaflets to passers-by who were receptive to the message, surprised the Pension Fund still had fossil fuel investments and gladly took the leaflet home to find out more.
Earlier in the morning Dorset County Pension Fund again vowed to stick to a decision made 9 months ago to continue their £128million (2) investment in fossil fuels until at least 2022. This is despite increasing evidence that this is financially, environmentally and morally unsound. If the Pension Fund fails to perform adequately, Dorset council tax payers will need to stump up additional cash to bridge any shortfall.
(Dorset Action on Pensions Outside County Hall, Dorchester)
One campaigner present (Julie-Ann Booker) commented that as a member of the Dorset Pension scheme she has never been asked for her opinion on where her money should be invested, “I can’t believe that on the one hand Dorset Council are saying how great they are to have got a £19 million grant from the government to de-carbonise their buildings and estate, but on the other hand they are prepared to invest more than 6 times that amount in fossil fuel companies that are generating carbon emissions at an unprecedented rate”.
Dr Sandra Reeves, who attended the event, thinks that they should listen to the advice from Sir David Attenborough because he says “It is crazy that our banks and our pensions are investing in fossil fuels, when these are the very things that are jeopardising the future we are saving for”. Sandra added, “And it’s not just Sir David’s opinion, Global investment firm BlackRock have also said that divesting from fossil fuels will not do any financial harm to pension portfolio performance, and may be economically beneficial as the fossil fuel market begins to struggle and shrink”. (2)
Caz Dennett from Dorset Action said “I know it can seem like a boring topic, but it is important to talk about pensions and where the vast sums of money are being invested. In total Local Government Pension Schemes across the UK are currently investing £10 billion in fossil fuel companies (3) and those funds should be used for to invest in and protect our future. Whether you are a Dorset Pension Fund member or a council tax payer, you deserve to have a say in this matter. So if anyone would like to join in a Community Conversation on pensions and fossil fuel divestment, we are holding an on-line discussion next Tues evening. Come along, have your voice heard, listen to others and share ideas to bring positive change”.
(1 and 3) https://www.divest.org.uk/councils
(2) https://www.responsible-investor.com/articles/blackrock-finds-axing-fossil-fuels-may-boost-performance-in-study-for-us-pension-funds
(4) https://www.gov.uk/government/speeches/the-need-for-pension-funds-to-invest-in-a-clean-green-and-prosperous-future
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