To: Suffolk County Council

Suffolk County Council: Divest from fossil fuel

Suffolk County Council: Divest from fossil fuel

Cease any new investments in fossil fuel and within three years divest the pension fund's holdings from fossil fuels for reinvesting in environmentally sustainable local projects such as renewable energy.

Why is this important?

Suffolk County Council says it wants to be the “Greenest county” yet its latest pension fund figures (September 2015) showed it had £11 million worth of Shell shares – 5% of its total holding in UK shares. Campaign groups estimate that in 2014 it held in total £117 million worth of fossil fuel assets. [1]
All local authorities in Suffolk contribute to this pension fund, including Ipswich Borough Council, Waveney District Council, Suffolk Coastal District Council, St Edmundsbury Borough Council, Mid Suffolk District Council, Forest Heath District Council and Babergh District Council
Investing in fossil fuel creates a risk both to members of the pension fund and to the planet. Respected financial analysts warn that fossil fuel companies are likely to be over-valued due to their reliance on reserves in the ground which will become worthless if carbon legislation comes into effect. [2]
Only a fraction of fossil fuel companies' reserves may be extracted and burned whilst keeping within the 2°C climatic warming target agreed by the world's Governments at international climate negotiations. [3]
Suffolk should sell its fossil fuel investments and follow the example of several other local authorities who have invested cash in local sustainable projects such renewable energy, energy efficiency or building much needed energy efficient social homes. This blog by Friends of the Earth Scotland gives some examples. http://www.blog.foe-scotland.org.uk/index.php/2015/06/6-local-governments/
This would provide local jobs, a stronger local economy and reliable long term, low risk returns for the pension fund.

[1] http://gofossilfree.org/uk/pensions/

[2] http://www.theguardian.com/environment/2013/apr/19/carbon-bubble-financial-crash-crisis

[3] http://www.bbc.co.uk/news/science-environment-30709211

How it will be delivered

Deliver in person

Suffolk, United Kingdom

Maps © Stamen; Data © OSM and contributors, ODbL


Reasons for signing

  • Keep oil in the soil and coal in the hole!
  • Tax payers money would be more useful elsewhere!
  • We cannot continue to ignore the evidence. In everything we do we must strive to support green energy not fossil fuels

Updates

2016-02-14 10:16:45 -0500

500 signatures reached

2015-10-02 18:06:36 -0400

100 signatures reached

2015-10-01 14:26:20 -0400

50 signatures reached

2015-10-01 10:55:54 -0400

25 signatures reached

2015-10-01 09:54:46 -0400

10 signatures reached