Campaigners demand end to Glasgow fossil fuel investments ahead of crucial vote

DIVEST STRATHCLYDE AND FRIENDS OF THE EARTH SCOTLAND

PRESS RELEASE

Climate justice activists are taking part in online and physically-distanced protests in Glasgow today to urge the city’s pension fund to end its £508 million investments in coal, oil and gas companies in order to tackle the worsening climate crisis.[1]

The protests come ahead of a crucial vote on Wednesday 2nd June [2] when Councillors on the Strathclyde Pension Fund Committee will decide what to do about Glasgow City Council’s decision to back divestment of the pension fund’s £508 million pound investments in highly polluting fossil fuel companies, including Shell, BP, Chevron and Exxon. [3]

The motion to be considered on Wednesday would, if passed, mark the first time the Fund endorsed divestment as an option for dealing with polluting companies, potentially paving the way for a world-leading divestment policy to be approved later this year. [4]

The Strathclyde Pension Fund is the joint largest local government fund in the UK worth an estimated £24Billion. It is run on behalf of 250,000 fund members in Glasgow and the West of Scotland.

Divestment of Strathclyde Pension Fund’s fossil fuel investments would be the largest of its type ever in the UK. Campaigners say that a final divestment decision later this year would show Glasgow’s commitment to climate action as it prepares to hold the UN climate conference COP26 in November.

In Glasgow, local activists gathered outside the City Chambers for a small physically-distanced banner protest and to hand over an open letter to the Pension Fund Committee calling on them to show climate leadership by divesting from fossil fuels.

*** Free to use, print quality photos from the Glasgow protest available ** https://drive.google.com/drive/folders/11ZufpfnUEu0lFY_iHMLg1DXRzmc68wM0

Activists from across the UK are posting images on social media of themselves holding placards with slogans including #DivestStrathclydePensionFund, #ClimateJustice and #PlanToDivest.

In April, Glasgow City Councillors voted by a majority of 69 votes to 4 in support of divesting the pension fund from fossil fuels with support by the SNP, Labour and Greens. [5] Divestment also featured as part of the city’s recently published Climate Emergency Implementation Plan.

Chris Nicholson, Strathclyde Pension Fund member and member of Divest Strathclyde, said:

“This vote is a chance for Glasgow to make history. The political will from Glasgow’s councillors and the public support are already there for Strathclyde Pension Fund to end investments in the fossil fuel companies that are most responsible for the climate crisis.

“As Glasgow prepares to host the UN climate talks, this is a vital opportunity for the city to show climate leadership and to stand in solidarity with communities around the world who are already suffering the worst impacts of climate breakdown. Retaining the status quo is no longer enough as the climate crisis is getting worse every day; nothing but bold action will suffice”.

Sally Clark  Friends of the Earth Scotland Divestment Campaigner said:

“With the UN climate talks coming to Glasgow, the Pension Fund must be instructed to set a clear, time-bound path that results in the selling off of their shares and investments in these fossil fuel polluters. By being allowed to continue to pour money into oil and gas, fund managers are gambling that climate policies being set by Councils and Governments will fail.

“The vast majority of coal, oil and gas reserves must remain in the ground if global heating is to be limited to the levels pledged by governments across the world. Councillors must seize this moment and keep pushing for the action that will end investments in the polluting companies who are speeding us to climate catastrophe.

Michael Carr, Strathclyde Pension Fund Member and Climate Activist said,

“I don’t want my pension to fund investment in fossil fuels. I want the Strathclyde Pension Fund to invest in a sustainable future for my children.”

Last week a Dutch court ordered oil giant Shell to immediately drastically reduce its climate emissions. The company’s activities and plans were judged not to be in line with the Paris Climate Agreement.

ENDS