100 signatures reached
To: Strathclyde Pension Fund
Divest Strathclyde Pension Fund From Fossil Fuel Investments
1. Immediately halt all new investments in fossil fuels made by Strathclyde Pension Fund.
2. Divest all current direct holdings into fossil fuel industries, as well as indirect investments over the course of 5 years.
Why is this important?
Fossil fuels - coal, oil and gas - are the main drivers of climate change. Due to climate change, the world is experiencing more severe droughts, wildfires and flooding, which impact the world's poorest the most severely. The World Health Organisation estimates that climate change is causing at least 140,000 deaths per year. In order to keep climate change at bay, we need to halt our extractions of fossil fuels, and cannot keep investing into the fossil fuel industry.
During the 21st Conference of the Parties (COP21), in Paris in December, 2015, 196 Nations agreed to keep global warming well below 2°C and attempt to “limit the temperature increase to 1.5 degrees”. This is a turning point for the energy industry since fossil fuels will need to be phased out, and there needs to be a shift towards clean energy in order to achieve the target of zero net emissions by 2050. The outcome of the Paris agreement has thus drawn a critical line for the fossil fuel industry: to prevent a temperature rise over 2°C, 80 % of existing fossil fuel reserves MUST stay underground.
Currently, Strathclyde Pension Fund (SPF) holds almost £15 billion in total investments, of which £752 million are currently invested into the fossil fuel industry. It delivers to more than 200 organisations from 12 local authorities that are included in the former "Strathclyde Area". The SPF has stated that their ‘"traditional approach to responsible investment has been, by and large, top-down - ensuring that environmental, social and corporate governance (ESG) concerns in our portfolios are recognised and addressed". Yet, the fund is still deeply invested in the main drivers for climate change and social injustice.
We call on SPF's immediate freeze of new investments into fossil fuel industries as well as divestment of all current holdings in it. By doing so, SPF would show their ethical and financial responsibility to their members and join public institutions and councils across the world, including University of Glasgow, Oxford City Council and Norwegian Government Pension Fund.
For more information read our full brief: https://fossilfreestrathclyde.files.wordpress.com/2016/02/brief.pdf
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