Fossil Free Future to Strathclyde Pension Fund

By Zivile Mantrimaite and Connie James

Fossil Free Strathclyde campaign just kicked off with a public meeting at Old Hairdressers, Glasgow, where those involved in the set up of the movement presented an introduction to the key components of the campaign.

This is a subject that can be tackled from many angles, with arguments stemming from environmental, social, and financial benefits. All of these arguments come together to create a truly engaging call for full divestment from fossil fuels. Following the introductory presentation the meeting opened up to a general discussion and ideas about the campaign.

A number of next steps were outlined in order to increase the visibility of the campaign and to work towards gaining support both from organisations directly involved with the pension fund, and with those who share the ideals promoted by divestment. Ideas are now coming together for a number of exciting projects and events to give the campaign a wider engagement with the community as a whole.

The Strathclyde Pension Fund currently holds over £15 billion of total investments, £752  million of which is invested into fossil fuel industries. It comprises of more than 200 organisations and institutions, 12 local authorities, and 200,000 members. Engaging with every organisation or individual involved with the fund is an extensive task that requires a knowledge of the individual ideals and concerns of each group.

Fossil Fuels – oil, gas and coal – are the main drivers for climate change, which affects the world’s poorest most severely and according to the World Health Organisation causes at least 140,000 deaths per year. In order to avoid severe global injury, the total quantity of fossil fuels burned by humanity must be capped far below the level of fossil fuels available to be burned.

The outcome of COP21 (Conference of the Parties) in December, has drawn a line for responsible investment and divestment from fossil fuels. 196 nations have recognised the urgency of keeping the global temperature rise below 2°C and are aiming for 1.5°C. IPCC reported that in order to reach this goal, 80% of known fossil fuel reserves must stay underground. This creates the‘carbon bubble’ making claimed fossil fuel reserves worthless, and the future of fossil fuels cloudy itself, meaning that it’s financially risky to invest in. We are already seeing the consequenses of this: more than 6,000 oil related jobs in Scotland are reported as lost or at risk by the Scottish Government.

Following this, Fossil Free Strathclyde calls on Strathclyde Pension Funds (SPF) to immediately halt all new investments and divest all current holdings in fossil fuel companies. By stopping investments in a financially risky future SPF would fulfill fiduciary duty for its member groups as well as truly show their social and environmental responsibility, that secures a stable and better future for its beneficiaries, Scotland, and the international community.

By joining other councils and public bodies across Europe that have already divested (University of Glasgow, Oxford City Council, and Norwegian Government Pension Fund, etc.), and reinvesting in the local infrastructure, community based energy projects, SPF would enable ‘just transition’ of Scotland’s economy to a brighter future.

Please read and download our full brief here.

Follow our campaign and support us.

 

Živilė Mantrimaitė & Connie James

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