We are asking Camden Council to support solutions to the climate crisis by withdrawing the pension fund investments from fossil fuel companies. This will stigmatise the industry and provide the political platform to rapidly decarbonise our economies. In relation to the top 200 ranked fossil fuel companies, the London Borough of Camden should immediately freeze any new investments and divest from direct ownership and commingled funds that include fossil fuel public equities and corporate bonds, over the next five years.
Why is this important?
We believe divestment from fossil fuels to not only be ethical, but also financially prudent. The commitment to maintaining global temperature rise well below 2 degrees, in line with the Paris Agreement, would see much of the current assets of fossil fuel companies becoming stranded- a serious risk to the fund. This has been supported by numerous financial institutions, including the Bank of England.
Camden Council has a proud history of divesting from the apartheid regime in South Africa, and has led the way on climate by holding the UK's first Citizens' Assembly. We want Camden to properly honour this heritage by securing a divestment commitment that would resonate on a national scale, rather than undermine our borough's progressive values by providing for the fossil fuel industry a home.
How it will be delivered
We plan to present this petition at a deputation to the Pension Committee.