“DISCOBEDIANCE” DANCE FOR CLIMATE JUSTICE

Climate campaigners from Extinction Rebellion Scotland, Divest Lothian and Global Justice Now Scotland danced (and leafleted) outside the Pensions and Lifetime Savings Association Conference at the  Edinburgh International Conference Centre on 28^th February to highlight the flawed climate risk models used by pension funds and to call on the funds to stop investing in fossil fuels. 

Despite increasingly stark warnings from climate scientists, oil majors continue to uinvest far more in fossil fuel expansion than in renewables.

For example, the East African Crude Oil Pipeline (EACOP) is being developed by TotalEnergies to run for 1444km across Uganda and Tanzania.  It will transport oil for export to the global north that will release 34 million metric tons of CO2 each year.

Many. UK pension funds including the University Superannuation Scheme, West Midlands Pension Fund and Lothian Pension Fund invest in TotalEnergies.  However, the tide is turning.  PFZW is the third largest pension fund in Europe.  On February 24^th it announced that has completed a two-year programme during which, 310 oil and gas companies that do not comply with the Paris Climate Agreement have been sold (including Shell, BP and TotalEnergies).  It plans to significantly increase investments in companies focused on the energy transition.

Thanks to Divest Lothian for information and some of the text.