- This event has passed.
Motion supporting divestment at Council Meeting
July 23, 2020 @ 10:30 am - 12:30 pm
Join us to watch what happens with Motion 1 within the agenda.
This has been submitted by Councillors Tom Hollis and Rachel Madden of the Ashfield Independents.
In essence it is trying to get the County Council to strongly advise the Nottinghamshire Pension Fund committee to divest from fossil fuels
The pension fund committee is made up of County Councillors, of which nine have voting rights.
We are creating a small campaign to help inform and request support for this motion – a briefing doc will be made available here soon.
XR Nottingham are trying to support this as it fits with our ongoing campaign to get the pension committee to divest – more info here..
The motion text is…
Nottinghamshire County Council notes the paper ‘Clarifying and Strengthening Trustees’ Investment Duties’ published by the Department for Work and Pensions. The paper recommended giving pension fund trustees more confidence to divest from environmentally damaging fossil fuels and put their cash in green alternatives. Until now many pension trustees have been hamstrung by fiduciary duties that they feel requires them to seek the best returns irrespective of the threat of climate change.
This Council further notes that according to recent estimates – Nottinghamshire County Council’s Pension Fund’s total Fossil Fuel investment amounts to £327,312,727 or 7% of the total fund.
This Council calls for Nottinghamshire County Council’s Pension Fund to investigate divestment from direct ownership of equities and corporate bonds, as well as any comingled funds, of companies engaged in fossil fuel extraction and others that do not align with this Council’s moral objectives.
This Council notes that once money has been divested from fossil fuels it can be reinvested in more environmentally sustainable and socially beneficial assets such as renewable energy, energy efficient and socially beneficial housing to address fuel poverty, low carbon transport systems and investment in the transition to a zero-carbon local economy.