100 signatures reached
To: Camden Council
We are asking Camden Council to support solutions to climate change by withdrawing the pension fund investments from fossil fuel companies. The London Borough of Camden should immediately freeze any new investments in fossil fuels, and divest from direct ownership and any commingled funds that include fossil fuel public equities and corporate bonds over the the course of the next Council term.
Why is this important?
We believe divestment from fossil fuels to be not only ethically and environmentally correct, but also financially prudent. We are very aware of the importance of and legal obligation to secure the highest possible returns, and believe divestment to provide this in the post Paris Climate Agreement world. The committment to maintaining global temperature rise well below 2 degrees, in line with the agreement, would see much of the current assetts of fossil fuel companies becoming stranded. This has been supported by various financial institutions, including the Bank of England.
Camden Council has a proud history of divesting from the apartheid regime in South Africa, and considering the significant size of its fossil fuel investments (£50 million), could honour this heritage through securing a divestment committment that would resonate on a national scale.