Fossil fuel investment debate

A call for West Sussex County Council’s pensions committee to stop investing in fossil fuels will be debated next month but looks unlikely to succeed. Labour leader Michael Jones has tabled a notice of motion asking the committee to take ‘all necessary steps to divest all of its investments from fossil fuel companies as soon as practicable’. But the matter was referred to a governance committee meeting by Tony Kershaw, director of law, to decide whether it was ‘right’ for the council, in its role as an employer in the scheme, to make such recommendations about investments. The majority of the committee refused to support the motion or a suggestion from Lib Dem James Walsh that all members of the pension fund should be consulted on whether to divest. Mr Jones said supporting the call to divest would show the council was serious about tackling the climate change problems. He said: “This is a climate emergency. Many forecasts now think that even some of the most pessimistic estimates from previous years may not have been pessimistic enough. “It’s all well and good making climate change pledges – which this council’s done – but what really matters is taking the necessary action to reduce the impact.” The pension scheme has almost 80,000 members, split across 246 employers such as the county, district and borough councils, academies, the Police and Crime Commissioner and Office of the Chief Constable. Bob Lanzer, cabinet member for economy, said the fund was historically one of the best funded in the country and should not be ‘unduly restrained’ when it came to investment decisions as this could ‘diminish returns and be damaging to members’.