Liberal Democrats call on Medway Council to end investments in fossil fuels

Medway Liberal Democrats are calling on Medway Council to end all of its investment in Fossil Fuels after it was revealed earlier this year that the Council's Pension Fund invests [£210 million] in Fossil Fuels - https://www.divest.org.uk/councils/

The Council's pension fund - (Kent Pension Fund) is one of several local authority pension funds that invest a combined £10 billion in coal, oil and gas industries.

John Castle, Chair of Medway Liberal Democrats said; "Burning fossil fuels contributes significantly to global warming. It is environmentally irresponsible that our Council continues to invest in them through its pension fund."

"It is also a financial risk. With 80% of known fossil fuels having to remain in the ground to meet global climate change targets there is every indication that the value of fossil fuels will plummet, while the value of renewable energies and green technology will continue to grow."

"But we must not stop with simply making the call. We need more than words, we need action. We want the Council to end investing its Pension Fund in fossil fuel companies. Investment should instead go into companies producing clean, green, sustainable energy and fuel."

The Council should invest its pension funds in ways that support our Climate Emergency declaration; and - Since 80% of fossil fuels must remain in the ground, the reserves of the fossil fuel industry risk becoming 'stranded assets' with little or no value - representing a substantial financial risk for those that invest in them.

"With the COP26 summit taking place in Glasgow, the world will be looking to the UK to show leadership on climate change. Ending our Council's Pension fund investments in fossil fuels is an easy, cost free and effective way of taking action locally on climate change."

ENDS

Notes to Editor:

The Divest UK report into Council Pension Funds and their fossil fuel investments can be found and a chart showing full details of the investments made by each Council Pension Fund in the UK can be found at https://www.divest.org.uk/councils/