At todays sitting of the Nottinghamshire Pension Fund Committee, Extinction Rebellion Nottingham made the urgent need to divest from all fossil fuel activities due to the Climate and Ecological Emergency we are currently in very visible.
Extinction Rebellion and other Members of the public were not permitted to speak during the committee meeting.
The fund has over 47,000 members who’s pensions are potentially at risk due to the funds continued investment in Fossil Fuels including Fracking!
It is in the funds best interest to divest now to limit it’s exposure to contributing to Climate and Ecological Breakdown and as global strategy is implemented to transition to Net Zero Emissions limit potential losses due to collapse of the Fossil Fuel Industry.
“Stranded assets are fossil fuel deposits, including oil, gas and coal, that should remain unburned or in the ground in order for the world to avoid the worst impacts of climate change” (FTSE, 2015).
The financial side of this is that the share price of fossil fuel companies will slump permanently once the market realises that they can’t sell most of the fossil fuels they have, because they have to stay ‘in the ground’, becoming ‘stranded assets’.
We are ALL exposed to stranded fossil fuel assets through Nottinghamshire Pension Fund’s ownership of at least £300million in fossil fuel company shares.
Our Local Authorities are all members of the Pension Fund, and underwrite any loses it makes, putting funding for our local services at risk.
As a local resident or Pension Fund member you can take our email action calling for divestment from fossil fuel shares and investment instead in clean energy and local projects.
You can participate directly in this campaign via the link below