Link to fossil fuels remains in place
The West Sussex Pension Fund has not divested from fossil fuels but has supported investment opportunities ‘in line with a lowcarbon future’.
The COP26 climate change summit is due to start in Glasgow next week and will see world leaders come together to discuss action to reduce carbon emissions.
Ahead of the conference environmental groups Friends of the Earth and Platform have released research showing local authoritiesacrosstheUKinvested nearly £10billion in fossil fuels through their pension funds last year.
The West Sussex Pension Fund is administered by West Sussex County Council via a pensions committee made up of councillors and employer and member representatives.
According to the group’s figures for 2020 the West Sussex fund had nearly £129million invested in fossil fuels.
A Divest West Sussex demonstration is due to march fromChichester’sMarketCrossto CountyHallaheadofafullcouncil meeting on Friday (October 22) starting at 9.45am.
Emma Cameron, chairman of Worthing Climate Action Network, said: “We cannot morally justify subsidising the fossilfuelcompaniesresponsible for carbon emissions that are killinglifeonourplanet–nordoes itmakegoodfinancialsense,fossil free investments now regularly outperform those that include fossil fuels.”
A spokesman for WSCC said: “Thecommitteemakesdecisions and takes responsibility for management of the fund, acting in the interests of all employers, members and their dependants.
“West Sussex County Council is one of over 200 employers who make up the membership of the pension fund.
“The county council can express an opinion about the runningofthefund,butdecisions by the pension committee regarding the fund will consider the interests and views of all employers and individual members – of which there are over 80,000.
“Earlier this year the pension fund published an investment strategy statement which expressedsupportforinvestment opportunities in line with a lowcarbon future. The pensions committee is now actively working to implement this strategybyintroducingobjectives which recognise international treaties (such as the Paris Agreement) and committing to sectorsandcompanieswhichare similarly aligned.
“The pensions committee is always mindful of its legal duty to obtainthebestpossiblereturnon the long-term investments of the pensionfundtodeliverfinancially sustainable returns to meet the future pension benefits of its members.”