50 signatures reached
Worcestershire County Council Divest from Fossil Fuels
Lobby Worcestershire County Council pension fund to:
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
Why is this important?
It has been reported (http://gofossilfree.org/uk/pensions/) that the Worcestershire County Council Pension Fund has £197,423,000 (10.74% of its total pension fund) invested in fossil fuels.
If fossil fuel companies extract and burn just 20% of the reserves they hold, this will cause catastrophic climate change (extreme weather, food shortages and conflict). The urgency of stopping climate change requires that we progressively stop burning fossil fuels now.
It is irresponsible and immoral for public bodies and pension funds to invest in fossil fuel extraction companies and instead they should, where possible, direct investment into 'green energy' infrastructure.
Fossil fuel companies are highly overvalued due to the assumption that all of their reserves will be burnt. But as policy catches up to climate realities, this overvaluation means there’s a multi-trillion dollar “carbon bubble” that’s poised to burst. This will greatly effect the value of our Pensions if they are still invested in Fossil Fuels.