FOSSIL FOOLS
Council invested millions in oil giant just weeks after declaring climate emergency
Scotland’s biggest council- run pension scheme bought millions of pounds of shares in oil giant BP weeks after declaring a climate emergency.
Glasgow City Council has been accused of hypocrisy over the move months before the city hosts a major climate change conference.
An investigation by ecofriendly groups has identified an estimated £709million of the local authorit y- run Strathclyde Pension Fund tied up in environmentally damaging firms.
The research has found the £21billion fund, the biggest in Scot land with 250,000 members, snapped up shares in BP soon after the council joined First Minister Nicola Sturgeon in declaring a climate crisis.
Pension members, unions and activists say it shows the fund is “part of the problem”.
Glasgow City Council has administered the fund since 1996.
Stephen Smellie, depute convener of Unison Scotland, which represent members of the pension scheme, said: “Unison is disappointed in the lack of progress SPF have made in addressing climate change.
“Their continued investment in fossil fuels makes them more part of the problem than the solution.
“Unison will continue to campaign for Strathclyde Pension Fund and the councillors who sit on it to face up to their responsibilities and begin a process of divesting from those companies who are destroying our climate.”
An SPF commi t tee , including Glasgow councillors, will meet on Wednesday to discuss a review that found divestment of oil and gas firms was not “an effective or satisfactory solution”.
Research by environmental groups including Friends of the Earth, Divest Strathclyde and Fossil Free Glasgow, say SPF’s reluctance to dump existing shares in fossi l fuels has been compounded by investment in more hydro-carbon firms.
Resea rcher s bel ie ve documents show SPF paid £ 9.2mi l lion for BP shares last summer.
The purchase came weeks after council officials declared a climate change emergency in May 2019. Gerald ine Clayton, a retired member of the fund, said: “Every pound i nvested in fossi l fuel companies is funding activity that’s endangering our future.”
A string of taxpayer-funded organisations have cut ties with BP in recent years.
The firm has moved into the renewable sector but it plans to expand its oil and gas production by 20 per cent and boost oil production by 900,000 oil barrels a day by 2021.
The probe also found SPF investments in fossi l fuel giants British-Dutch firm Shell (£ 7.2million) and US- based Exxon (£15million).
An SPF spokesman said: “SPF has consistently led among investors in supporting a just transition to a low carbon economy.
“However, divestment does nothing to address the climate emergency and is neither farreaching nor radical enough to mitigate the immediate and long-term risks that climate change poses for investors.”
Up to 90,000 people, including world leaders, are expected to attend COP26 in Glasgow, over 12 days in November.
14 Sunday Mail
Storm Jorge will rage across the Highlands today, whipping up 70mph winds and blizzard conditions across parts of Scotland.
The storm, named by the Spanish meteorological service, yesterday lashed Wales with torrential rain, leading to South Wales Police declaring a “critical incident”.
In Ireland, Met Eireann imposed a red warning across Galway and County
Clare, advising people to stay indoors rather than face dangerous winds of 90mph.
The storm began moving nor t h of the Border yesterday, resulting in yellow warnings for wind and snow.
The Met Office said winds of 50-60mph can be expected, with gusts to 70mph around exposed coasts and hills.
Heavy rain wi l l be an additional hazard, with this falling as snow for a time across higher ground.
Greg Dewhurst, of the Met Office, said it was “unusual” to have three named storms within the same month, after Storms Ciara and Dennis hit in February.
He said: ” It’s all down to a very powerful jetstream dominating our weather.
“Early statistics suggest Scotland has just endured its third-wettest February on record.”