This is the first of two motions i submitted to the recent Full Council. Unfortunately, I was a bit unwell and left the meeting early, so the formal proposal was made by a Labour comrade.
Invest in the Future / Divest from Fossil Fuels
1. This Council notes:
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That our council pension fund is heavily invested into fossil fuels, according to data available on https://gofossilfree.org/uk/fuellingthefire/
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That the Paris 2015 Agreement commits our government to keep the global temperature increase within 2 degrees and aim for 1.5 degrees. Carbon budgets produced by the IPCC and UN show that avoiding 2 degrees of warming relies on not burning 60-80% of discovered fossil fuels.
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Repeated warnings by Bank of England Governor Mark Carney that “the vast majority of [fossil fuel] reserves are unburnable”.
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The resulting threat to pensions that are over-exposed to fossil fuels, and therefore to local pension-holders and council taxpayers.
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The shortage of investment into social housing, transport, and renewables.
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The importance of a just transition for workers in sectors and communities dependent on fossil fuels, and of decent and unionised low-carbon jobs.
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That several UK local government pension funds have committed to divesting, joining $6 trillion in fossil fuel divestment commitments worldwide.
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That UNISON (largest union representing local government workers) and the TUC campaign for divestment in line with obligations to pension-holders.
2. This Council resolves:
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To call on the council pensions committee to commit to divest from fossil fuels over the next 5 years.
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To call upon the council pensions committee to seek to reinvest into the just transition, where possible and in line with obligations to pension holders.
