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End Council Pensions investment in fossil fuels now!

July 13, 2020 2:39 PM
By Maggie Kellman

Cllrs Paul Niblock and Keith Falconer at Chesterfield Town Hall

At Wednesdays Chesterfield Borough Council meeting this week Councillors Paul Niblock and Keith Falconer are calling on Derbyshire Pension Fund to take urgent action regarding its investments. At the moment the fund has £200Million invested in fossil fuel companies. This is despite the growing clamour for action on climate change issues.

The Derbyshire Fund has approved allocation of 3% to sustainable Global Companies but Keith argues this is not good enough. He says " investment in companies supporting a Green Economic Recovery from Covid must be increased"

Paul, himself a Derbyshire Fund pensioner believes the Pension Fund could do a lot more. He wants to know why "despite Derbyshire County Council having a comprehensive climate change agenda and claiming to lead in the reduction of greenhouse gases, their Pension Fund is still investing my hard earned contributions in fossil fuels."

Paul and Keith have tabled a motion at this week's full Chesterfield Borough Council. Meeting seeking backing from all councillors to support their demand that:

Having declared a Climate Emergency, this Council commits with the Derbyshire Pensioners Group, Transition Chesterfield, Friends of The Earth and Divest Derbyshire in calling for the Derbyshire Pension Fund to disinvest its remaining funds in Fossil Fuels companies and to invest in Renewable Energy companies instead.

Note: Derbyshire Pension Fund invests nearly £5Billion on behalf of pensioners and employees of all the Derbyshire Councils, Police, Fire and many others.