Fos­sil fu­els in­vest­ment

East Kilbride News - - SPOTLIGHT -

Dear Edi­tor,

Greens were de­lighted when the Scot­tish Gov­ern­ment re­cently voted to per­ma­nently ban frack­ing and other un­con­ven­tional gas ex­trac­tion in Scot­land.

This shows that the days of fos­sil fu­els are num­bered.

How­ever, in­vest­ment in fos­sil fu­els from pen­sion funds such as Strath­clyde’s en­cour­ages frack­ing and other fos­sil fuel ex­trac­tion that is dam­ag­ing com­mu­ni­ties world­wide.

Coun­cils have a duty to pre­vent cli­mate change and work to im­prove the en­vi­ron­ment.

Al­low­ing their pen­sion funds to in­vest in fos­sil fu­els sends com­pletely the wrong sig­nal.

Fur­ther­more, the risks of in­vest­ing in fos­sil fu­els are in­creas­ing as the ‘smart money’ moves into lo­cally use­ful pro­grammes like so­cial hous­ing and new tech­nolo­gies like re­new­ables and elec­tric ve­hi­cles.

Not only is the re­turn on in­vest­ment in fos­sil fu­els likely to de­crease over time as oil com­pa­nies try to ex­ploit in­creas­ingly dif­fi­cult to get at re­serves, but there is a risk that shares in these com­pa­nies will be­come ‘stranded as­sets’ which are no longer worth the price paid for them. Fos­sil fu­els are yes­ter­day’s in­dus­tries. Coun­cil em­ploy­ees need to know that their pen­sion in­vest­ments are not dam­ag­ing the en­vi­ron­ment and de­serve to have their funds in­vested in se­cure, mod­ern tech­nolo­gies, not in these in­creas­ingly ob­so­lete in­dus­tries.

We en­cour­age all mem­bers of the Strath­clyde Pen­sion Fund to write to their coun­cil­lors at https://foe.scot/ coun­cil-pen­sions-fu­elling-cli­mate/ and ask them to di­vest from fos­sil fu­els, join­ing 800 or­gan­i­sa­tions world­wide that have gone fos­sil free. Kirsten Robb, Scot­tish Greens

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