10 signatures reached
To: Barnet Council Pension Fund, Mr John Hooton - Chief operating officer and director of Finance
Divest Barnet's council Pension fund From Fossil fuel Investments.
Barnet Council should divest its pension fund from fossil fuel companies (sell its shares) to protect the people of Barnet.
So we ask Barnet Council to:
Make a public divestment statement committing the Barnet Pension Fund to:
1. Immediately freeze any new investment in the top 200 publicly-traded fossil fuel companies with largest known carbon reserves (oil, coal and gas)
2. Divest from direct ownership and any commingled funds that include fossil fuel public equities and corporate bonds in the top 200 list and shift these funds to lower risk, ethical investments within 5 years
3. Advocate to other pension funds, including the London Pension Fund Authority and Local Government Pension Scheme members to do the same
4. To do the above in a timely manner - by setting up a working group to report back on a strategy to bring about divestment within three months from the submission of this petition
Why is this important?
The fossil fuel industry currently holds vast carbon reserves which if burnt would result in emissions 5 times larger than what it is deemed to be safe. All available evidence suggests that fossil fuel companies intend to burn the reserves within their control. In addition, companies such as Shell are actively trying to discover new reserves, often in environmentally sensitive region].
For future generations.The use of fossil fuels is damaging the earth to near irreprable limits.
76% of all climate scientists agree.
Barnet Borough Council has Invested over £30 million of pension funds in companies that use fossil fuels.
These companies are Multi Nationals.Oil companies are not a good Investment at the present time.
How it will be delivered
When the petition reaches its target i will enquire if the local press are Interested in running a story.The petition will be delivered by hand at the council offices