MSP calls for council rethink on fossil fuels
Green MSP Ross Greer has called on newly elected councillors in Renfrewshire to continue backing a campaign to divest the council’s pension funds from oil, gas and coal.
Renfrewshire Council is part of the massive Strathclyde Pension fund and recently followed in the footsteps of a Green-led effort in Glasgow by backing divestment of the fund from fossil fuels.
But most Strathclyde area councils have not yet supported divestment despite evidence that moving money out of oil, gas and coal not only helps tackle the climate emergency, it also protects the pensions of those who rely on the fund.
The Strathclyde Pension fund, which is the largest local government pension fund in Scotland and one of the largest in the UK, had an estimated £836 million invested in fossil fuels as of 2021.
Friends of the Earth estimate that £46 million was lost by Strathclyde Pension Fund between 2017-20 because oil and gas companies proved to be such poor investments.
Green MSP Ross Greer said: “There are few actions Renfrewshire Council can take that will have more of a positive impact than having the massive Strathclyde Pension Fund divest from fossil fuels.
“This period in which new administrations are being formed and programmes being agreed is an ideal time to once again confirm that this is Renfrewshire Council’s position.
“It would also send a strong signal to the hundreds of thousands of people whose pensions rely on this fund that the council is looking out for their best interests, given the extremely risky nature of fossil fuel investments.
“This is our opportunity to make sure that every council in the Strathclyde Pension Fund clearly backs divestment and will make it happen.”