Greens Lead Candidate for next year’s Scottish Election, Ariane
Burgess, has renewed Green calls for Highland Council’s Pension Fund to
stop investing in fossil fuels after research revealed that it lost
£11,650,109 over the last three years.
The fund, which administers pensions on behalf of Highland Council, is one of ten local government pension funds which new research reveals saw investments in oil companies collapse between April 2017 and November 2020.
Ariane Burgess said:
pension funds invest millions in bankrolling oil companies, the arms
industry and big tobacco every year. Not only are these investments
unethical, but as this research shows they are actually losing pension
funds substantial amounts of money.
don’t believe that most people who have chosen a career in public
service want to see their pension funds funnelling cash into these
companies when it could be invested in socially responsible endeavours
like clean energy production, house building and public transport
“I urge Highland Council’s Pension fund to divest its stake in fossil fuels now and call on Highland Council to bring to bear its influence to make this happen.”
Plan to divest certainly, but selling at 20-30 year low prices may not be in the best interests of the scheme and members, unless they think they prices will be heading further south.
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