100 signatures reached
To: South Lakeland District Council
Divest South Lakeland From Fossil Fuels
We ask SLDC to immediately freeze any new investment in fossil fuel companies and to divest from direct ownership and any commingled funds that include fossil fuel public equities and corporate bonds within 5 years.
We also ask that SLDC work with the pension fund administrator to move to a fossil free portfolio and make a public statement on these two objectives within three months.
Why is this important?
We feel it is critical to start this process of divestment NOW.
1. As the local authority, it has rigorously set, carbon reduction targets and therefore cannot be 'feeding the fire' by maintaining investments in fossil fuels, as this completely undermines SLDC's commitment to reducing its carbon emissions.
2. If it is wrong to continue to wreck the Earth’s climate, then it follows that it is wrong to profit from that wreckage. There are increasing indications that the profitability of the fossil fuel industry will decrease significantly in coming years. When action is taken to limit global warming and a large degree of carbon reserves are left in the ground, shares in fossil fuel companies will drop significantly in value. As such, investments in fossil fuels risk exposure to this 'carbon bubble'. There is already evidence that fossil fuel-free portfolios are capable of out-performing those including fossil fuel investments.The fossil fuel industry is volatile and the historical bankable returns MUST not and CANNOT be relied upon in the 21st century.
See http://www.globalpolicyjournal.com/blog/20/04/2015/11-reasons-divest-fossil-fuel-industry for a comprehensive overview for reasons to divest now.