To: Lambeth Council

Divest Lambeth from Fossil Fuels

Divest Lambeth from Fossil Fuels

"The logic of divestment couldn't be simpler: if it's wrong to wreck the climate, it's wrong to profit from that wreckage." -Rolling Stone [1]

We call upon Lambeth Council to:

1. Immediately halt any new investments in fossil fuels made by Lambeth Council Pension Fund
2. Divest from direct and indirect ownership of fossil fuel public equities and corporate bonds and invest the sale proceeds ethically.

Why is this important?

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 [2]. Evidence indicates that fossil fuel companies intend to burn enough reserves to push global warming far above 2°C, and they even insist on searching for further reserves, often in the world’s most ecologically sensitive areas [3].

The Lambeth Pension Fund has tens of millions of pounds invested in oil and gas [4]. These investments carry a high degree of risk on financial and social grounds.

It makes financial sense to divest for as the cost of extraction increases and international treaties restrict the use of fossil fuels these investments will continue to become riskier over time.

In support of this movement we ask you to sign our petition, contributing to a better future for citizens of Lambeth and beyond as we move away from reliance on the fossil fuel industry.

Who are we?

Divest Lambeth is a campaign launched by Lambeth residents to get Lambeth Council to cut its ties with the fossil fuel industry by selling off stocks and shares in coal, oil and gas companies made through the Lambeth Council Pension Fund. We're a local campaign with connections to a growing global movement that has seen local governments, pension funds and public institutions worth over $50 billion (£30 billion) around the world pledge to divest from fossil fuels.

References
[1] http://www.rollingstone.com/politics/news/the-case-for-fossil-fuel-divestment-20130222?page=2
[2] http://www.carbontracker.org/report/wasted-capital-and-stranded-assets/
[3] http://www.shell.com/global/future-energy/arctic/exploration-production.html
[4] http://www.lambeth.gov.uk/sites/default/files/ec-Lambeth-Pension-Fund-Annual-Report-and-Appendix-2013-2014.pdf

London Borough of Lambeth, United Kingdom

Reasons for signing

  • Lambeth has the worst air quality in Europe. The council should also be investing in the long term benfefit of the people of the borough, not just short-mid term pension gain. here are the stats: Lambeth London Borough of Lambeth Pension Fund 1,036,207,000 59,145,000 5.70 24,547,000 2.36 34,598,000 3.33

Updates

2015-10-22 05:40:26 -0400

100 signatures reached

2015-09-24 14:20:44 -0400

50 signatures reached

2015-09-19 10:59:07 -0400

25 signatures reached

2015-09-18 13:56:53 -0400

10 signatures reached