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To: States of Jersey
Divest States of Jersey Funds from Fossil Fuels
The States of Jersey should commit to divest (sell its investments) from fossil fuel companies to protect the people of Jersey.
Why is this important?
Climate change is the greatest challenge humanity has encountered. Warming in excess of 1.5°C will have catastrophic consequences . In order to have a chance of staying below this temperature rise, 80% of known fossil fuel reserves must not be burnt .
The fossil fuel industry currently holds vast carbon reserves which if burnt would result in emissions 5 times larger than what it is deemed to be safe .
All available evidence suggests that fossil fuel companies intend to burn the reserves within their control. In addition, companies such as Shell are actively trying to discover new reserves, often in environmentally sensitive regions .
If it is wrong to damage the world we live in, then it is wrong to profit from that damage. Responsible investors should no longer be profiting from the destructive activities of these companies.
The States of Jersey Common Investment Fund (CIF) manages the public funds of Islanders. It manages nearly £3 billion worth of assets, millions of which are direct investments in fossil fuel companies including BHP Billiton, ExxonMobil, BP, Rio Tinto and Shell .
These fossil fuel investments are becoming increasingly risky as the cost of extraction increases and international treaties restrict the use of fossil fuels . Not only does it make moral sense not to invest in the destruction of our planet, it also makes financial sense.
By divesting from fossil fuels, the States of Jersey will join New York City and 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 the citizens of Jersey and beyond.
So we ask that the States of Jersey, through the Minister for Treasury and Resources, to:
- Immediately freeze any new investment in fossil fuel companies, including those made by externally managed and pooled funds.
- Ensure pension options to employees are fossil free
- Divest from the top 200 companies with the largest known carbon reserves (oil, gas and coal), and shift these funds to lower risk, ethical investments within 5 years