100 signatures reached
To: Tyne & Wear Pension Fund - District Councils Including Newcastle, Gateshead, South Tyneside, North Tyneside and Sunderland Local Councils
DIVEST TYNE & WEAR COUNCIL FROM FOSSIL FUELS
1. Immediately freeze any new investments in fossil fuels
2. Divest from direct ownership and any commingled funds that include fossil fuel public equities and corporate bonds within 5 years
3. Reinvest in the renewable sector to help the North East lead the way in a sustainable future
Why is this important?
If it is wrong to wreck the planet, it is wrong to profit from wrecking the planet. Public bodies have an obligation to act in the interests of the public good. Our local Council has a track record to be proud of in environmental concerns, and we ask them to continue to lead the way by divesting from fossil fuels.
It is accepted that to avoid an irreversible change in weather systems the temperature of the planet must not rise by more than 2 degrees C. To avoid this rise, we must not burn anymore than 565 Billion tonnes of CO2. Fossil fuel companies already have reserves of CO2 to more than five times this amount. These companies are not listening to patently obvious scientific warnings. Instead, they are literally scouring the globe for the last remaining fuels to burn and bucks to make.
Currently, the Tyne & Wear Pension Fund invests £264, 961, 000 into the Fossil Fuel industry. By committing to divest from the industry and invest in renewables in five years, the council would be taking the moral lead in this matter of social justice - following councils in Bristol, Oxford and Kirklees.
Continued engagement with and investment in the fossil fuel industry jeopardises the very future that pension funds are supposed to guarantee and secure. On the other hand, investment in renewable energy ensures a sustainable, viable and secure future for our children. But this is no longer an issue that our children will need to sort out. It is an encroaching reality and we must act. So we call on our council to lead the way and divest now to create a sustainable future.