100 signatures reached
To: Enfield Council
Divest Enfield Council from fossil fuels
1. Immediately freeze any new investments in any company involved with the extraction of fossil fuels
2. Divest from direct ownership and any commingled funds that include fossil fuel public equities and corporate bonds within five years
3. Celebrate Enfield's leading role in the global shift to a fossil free future
Why is this important?
Fossil fuels will soon become obsolete. They are a fuel source that is no longer wanted, as a recognised danger to the health of humans, wildlife, and the planet. They are also a fuel source that is no longer needed, as so many cheap and abundant renewable fuel sources wait to be harnessed. The shift to clean energy is inevitable.
In November 2016 the Paris Agreement was ratified: "Recognizing the need for an effective and progressive response to the urgent threat of climate change on the basis of the best available scientific knowledge."
However, in November 2017, Fossil Free UK revealed that councils across the UK were investing more than £16billion in the fossil fuel industry. The London Borough of Enfield Pension Fund has itself invested more than £60million in such companies, representing 5.6% of its £1billion total investments.
Given the damage that fossil fuels have already caused to our environment, and the growing threat of man-made climate change as a danger both to us and to future generations, fossil fuels represent an unethical investment. But there is also strong evidence that such financial investments are highly risky. Coal use in the UK has fallen by 74% over the past decade, and the government has pledged that all coal-fired power stations will close by 2025. Other fossil fuels such as oil and gas face sharp declines in future, as renewable sources overtake them.
The Divest Movement seeks to persuade public institutions that ditching investments in fossil fuel companies is the right decision to make on both a moral and financial basis. Over the border from Enfield, Waltham Forest Council recently became the first UK local authority to fully commit to divest from fossil fuels. If Enfield Council did the same, it too could become a leader in the global shift to a fossil free future.