Divestment is dedicated to the divestment of Notts CC Pension Fund from Fossil Fuels.
The Divestment group meets every two or three weeks.
Contact Rachel on 07725 013202 to find out the next date if you are interested in coming along.
Our group grew from XR’s challenge to Nottingham City Council:
- How can the City become carbon neutral?
- Where is local money invested in Oil and Gas Extraction and distribution ie Fossil Fuels?
We found that very large investments in Fossil Fuel companies are held by our Pension Funds.
We are calling for the divestment of these funds from fossil fuel companies and reinvestment in ethical and sustainable companies.
Our campaign is directed at the Nottinghamshire Local Government Pension Fund (LGPS) which has 47,000 members from 330 local employers. Nottingham City Council, along with all the other local authorities in Nottinghamshire, is a significant financial contributor and partner in this fund, but the control lies with Nottinghamshire County Council which manages this fund on behalf of all the Members and contributing Employers.
The total of the fund is around £5 billion and we estimate between £300-£600 million is invested in Fossil Fuel companies. These investments are concealed in externally managed funds and details are not made available to contributors. At present, the Pensions Committee that makes investment decisions does not have a divestment programme despite repeated calls from Friends of the Earth to do so.
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 LGPS 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.
Read this briefing paper for more information about the LGPS investments and our demands.
send an email to the pension fund committee
For information on how you can influence your local Council and the Pension Committee to insist on Divestment from Fossil Fuel Companies, over three years, visit our campaign site:
(opens in a new tab)
Once on the site, select the ‘Click to Take Action’ button to create an email to send to Pension Fund Committee Members and local councillors.
We will be leafletting employee members and writing to employers about these issues. Please join us to protest about this situation in whatever way you can.