XR rebels outside county hall

DIVESTMENT

This Working Group is dedicated making the Nottinghamshire County Council Pension Fund divest from Fossil Fuels.

JOIN US

The Divestment group currently meets fortnightly on a Wednesday at 7.15pm via Zoom. Contact email hidden; JavaScript is required if you are interested in joining this team.

OUR CAMPAIGN

We will have attended pension fund committee meetings by watching from the public gallery, sometimes quietly, and sometimes by interrupting the meetings with demands.

We have been leafletting employee members and writing to employers about these issues. Please join us to protest about this situation in whatever way you can.

We sent THIS LETTER to the committee on 28th April 2020

The Nottinghamshire Pension Fund

Nottinghamshire Pension Fund holds an estimated £250m in fossil fuel company shares. We are campaigning for the Pension Fund to sell these shares and use the money instead to make investments in the green and local economies, helping to build a financially- and environmentally-sustainable Nottinghamshire.

All Nottingham and Nottinghamshire local authorities are members of the Pension Fund as employers. Whether you are an individual member of the Pension Fund or a Nottinghamshire resident you can take action by writing to members of the Pension Fund Committee, who have responsibility for its investment policy.

In the last 12 months a number of other Funds and Trusts have started to divest from fossil fuel companies for at least two reasons:

  • The clear evidence that we must keep known reserves of coal, oil and gas in the ground and divert efforts towards reducing energy consumption and CO2 emissions, and towards producing more renewable clean energy.
  • The likelihood is the value of current fossil fuel investments will fall and keep falling in the near future as international regulation responds to the climate emergency (to prevent or limit further extraction), causing a significant fall in the value of the Fund. These companies are currently valued on their reserves of oil and gas, with the assumption that these are available for sale at some future date. If the reserves cannot be extracted, they become worthless.

An additional reason for divestment in the case of the Nottinghamshire Pension Fund is that any shortfall in the fund (which provides final salary pensions to thousands of individuals) has to be met by employers. These are our Nottinghamshire schools, Local Councils and Charities, which are already badly affected by austerity.

We have found evidence that alternatives exist for these investments,  which would produce the same returns while making a less dangerous impact on society.

  • An overview in a single page information sheet about the pension fund
  • Full Briefing Paper for detailed information about the Nottinghamshire Pension Fund, their investments and our demands.
  • Briefing Paper on Nottinghamshire Pension fund BP and Shell Investments
  • Case studies of 8 UK Local Government pension funds which have made substantial low carbon investments – Notts has made none. (written June 2020)