100 signatures reached
To: City and County of Swansea Pension Fund
DIVEST CITY AND COUNTY OF SWANSEA PENSION FUND FROM FOSSIL FUEL INVESTMENTS
1. Immediately halt any new investments in fossil fuels made by the City and County of Swansea Pension Fund
2. Divest from direct ownership of fossil fuel public equities and corporate bonds, as well as any commingled funds, within five years, investing these funds in lower risk, ethical investments within 5 years
Why is this important?
Climate change is the greatest challenge humanity has encountered, not just environmentally but also economically, morally and socially.
In order to avoid the catastrophic consequences of climate change, global warming must not exceed 2°C which means 80% of known fossil fuel reserves must not be used.
Recent research, instigated by the Carbon Tracker foundation, asserts that there are five times more fossil-fuel reserves than can be burnt if internationally agreed carbon emissions targets are to be met.
Fossil fuel equities also pose significant financial risks. As governments control carbon emissions to meet these targets a large proportion of fossil fuel reserves which companies expect to extract will become stranded assets: a “carbon bubble”. Funds which are exposed to fossil fuel equities when this bubble bursts can expect to suffer considerable losses. The Governor of the Bank of England, Mark Carney has recently expressed concerns over climate risk, stating that the “vast majority of reserves are unburnable” if global temperature rises are to be limited to below 2C (http://www.theguardian.com/environment/2014/oct/13/mark-carney-fossil-fuel-reserves-burned-carbon-bubble)
Institutions around the world including local government, universities and churches are pulling out of fossil fuels investments and moving towards a cleaner energy future.
By divesting from fossil fuels, the City and County of Swansea Pension Fund will join public institutions such as the British Medical Association, Glasgow University and Oxford City Council, amongst many others, in leading by example to help create a sustainable future for it's citizens.
In support of this movement we ask you to sign and share our petition.
Thank you for your support