Saturday, December 05, 2020

Greens call for Highland Council’s Pension Fund to stop investing in fossil fuels

Highland 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

Ariane Burgess said:

“Public 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.

“I 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 improvements.

“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.”

1 comment:

The Wolf of William Street said...

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.