Notts Pension Fund : Engagement vs Divestment

At the March 11th Notts County Council Pension Fund Committee meeting, Independent advisor to the committee William Bourne made a number of statements regarding the climate targets of oil and gas companies, as well as on divestment and engagement.

Today DivestNotts sent a letter to committee explaining how the fossil fuel companies are failing to even set targets that will reduce emissions at the rate needed to have a good chance of limiting warming to 1.5 degrees

  • Shell’s expected reduction in oil and gas production is less than half that needed as defined by the UN Environment Programme
  • BP has stated that its absolute emissions from its marketed products are set to rise to 2030!

and of the three largest US companies:

  • Chevron does not have a net zero target, and plans to expand oil and gas production to 2025.
  • ExxonMobil does not have a net zero target, and does not have Scope 3 emissions targets.
  • ConocoPhillips has a ‘net zero’ target, but this relates only to operational emissions and does not include marketed products

See the full response to the committee here.

The scientific consensus is that warming above 1.5°C will lead to runaway, irreversible climate change with catastrophic impacts (IPCC, 2018)

This is why we call for the County Council to DIVEST NOW