On April 1st Glasgow City Council will be debating whether to end investing pension funds in fossil fuels. If successful, this will be a big step forward for divestment campaigns. The motion is proposed by the Green Party and we post their press statement below.
Scottish Green Party
25/03/2021Glasgow City Council to vote for end to fossil fuel investments. Today will see the publication of a motion by Scottish Green party councillors in Glasgow for the Council to commit to ending its pension fund investments in fossil fuels. At present the Strathclyde Pension Fund, which GCC is part of, has over £500 million worth of holdings in fossil fuel companies. The motion, included below, is part of the budget agreement between the SNP administration the Scottish Green Party, so is expected to pass with overwhelming support when the vote takes place on April 1st.Green Party Councillor Kim Long, who will be moving the motion on April 1st, said: “It makes no sense, financially or ethically, to continue to invest in the fossil fuels that are destroying our planet. We know that in Glasgow, the climate crisis will impact the poorest communities the hardest – and all the money the city plans to spend on mitigating this damage is wasted if we keep pouring money into the very thing we know is making the problem worse. But this is also an opportunity – local government pension funds are the single biggest public store of wealth in Scotland. We need to stop fuelling the crisis, and instead invest in a Green recovery to create the fairer, greener Glasgow we need. “Isla Scott from Divest Strathclyde, which supports the move, said: “We urge Councillors and the Strathclyde Pension Fund (SPF) committee to show climate leadership as we head towards COP26 and to commit to start divesting immediately. The continued investment of over £500 million in fossil fuels is abhorrent and cannot be justified in a climate crisis. Furthermore, it risks pensioners’ money being lost in stranded assets, money that could be better invested in funding climate solutions and a just transition to a green economy. We will continue to campaign for divestment for as long as the SPF continues to fund the breakdown of our climate.” The motion is below.
Recalls its previous support for a transformative Green New Deal to respond to the climate and ecological emergencies;
Believes that a Green New Deal for the city region will require massive investment, and that the Council’s own pension investments could play an important part in that;
Recognises that the Strathclyde Pension Fund supports low carbon initiatives through its direct investment portfolio, but is concerned that the Fund retains large holdings, worth in excess of £500 million last year, in fossil fuel industries that are driving the climate and ecological emergencies and perpetuating global inequalities;.
Notes the Council’s fiduciary duty as administering authority for the Strathclyde Pension Fund must be paramount in all decision making around the pension fund. Further notes the calls made over many years from campaigners on the issue of fossil fuel divestment and notes that many other major public and private institutions have already made and acted on commitments to fossil fuel divestment, demonstrating leadership on the climate emergency at the same time as protecting the long-term interests of their individual investors;.
Believes that in the year of the COP26 climate summit, when the eyes of the world will be on Glasgow, the city and its institutions must show climate leadership; and therefore.
Resolves to write to the Strathclyde Pension Fund committee, asking that it make a formal commitment to fossil fuel divestment prior to COP26, with the intention of divesting completely as quickly as possible, and no later than 2029; and that it further considers how it can reinvest the Pension Fund Members’ hard-earned money to drive a green recovery for the Glasgow region.
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