100 signatures reached
To: West Sussex County Council Pension Fund
WSCC Pensions to divest from fossil fuels and invest in sustainable energy
Divest from Fossil Fuels
*please sign using work email address if a WSCC pension holder!
Why is this important?
We are asking WSCC council pension funds to commit to divest all their funds from fossil fuel companies. Divestment is the opposite of investment – it means getting rid of stocks, bonds or investment funds that are unethical.
More than 50 pension funds globally have now made divestment commitments, moving millions out of the fossil fuel industry. However, despite years of campaigning by local people and motions passed by both Adur & Worthing Borough Councils urging them to divest (https://www.adur-worthing.gov.uk/news/archive/pr20-006.html) WSCC pensions will not budge.
The West Sussex Local Government Pension Fund, currently responsible for the pension benefits of thousands of us, continues to invest approx. £200 million in fossil fuel companies.
In December 2015 the UK signed up to the Paris Agreement. One of the main aims was to limit global warming to under 2 degrees C. The overriding cause of climate change is CO2 gas emitted from burning fossil fuels (coal, oil and gas). Only 20% of present reserves of fossil fuels can be burnt if we are to keep to the target set in Paris. However, companies such as Exxon, Shell, BP continue to extract existing reserves and pour millions into new projects.
The scientific consensus tells us that if we continue on our current course the earth will heat to a level which is beyond that required to sustain life. Heatwaves and wildfires, in the UK and globally, plus the accelerating loss of biodiversity, demonstrate that climate change is already here and is causing the deaths and displacement of millions of people worldwide.
David Attenborough said, “What humans do over the next 50 years will determine the fate of all life on the planet.”
Please sign the petition to urge WSCC Pensions to divest their £200 Million from Fossil Fuels. [This fossil fuel portfolio makes up only 2% of a much wider portfolio and could be easily reinvested in green alternatives].
In the UK there are over 30 divestment campaigns targeting local councils and the pension funds they manage.
Find more out about the campaign here. https://gofossilfree.org/uk/local-government-guide/
New Government proposals, published on June 18th 2018, are designed to give managers of Britain’s workplace pension schemes new powers to dump shares in oil, gas and coal companies in favour of long-term investment in green and “social impact” opportunities.
Pension fund trustees now should have more confidence to divest from fossil fuels and put their cash in green alternatives.
As a member of the West Sussex Pension Scheme I urge you to sign our petition to request WSCC to rapidly divest from this industry and invest in technologies and solutions that make a positive contribution to the future of life on earth.
Local government Pension Funds are failing to protect themselves from the financial risk of climate. These are the findings of a report in November 2018
Campaign supported by WorthingCAN, XR Worthing, XR Chichester, XR Shoreham, XR Horsham and XR Arun Valley.