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£141m investment in fossil fuels criticised

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MASS data released this week by Pembrokeshire Friends of the Earth (Oct 30) reveals that Pembrokeshire Council (as part of the Dyfed Council Pension Fund) has £64.8million of public money directly invested through workers pension funds in fossil fuel companies like BP and Shell with a further projected £76.5million in indirect fossil fuel investments.

The research shows that Pembrokeshire County Council has over 8% of its pension fund directly invested in fossil fuels, and money is invested into multinational fossil fuel companies including BP, Shell and BHP Billiton

Eleanor Clegg of Friends of the Earth said: “Many people working for Pembrokeshire Council will be concerned to learn that their future is tied up with such a risky and polluting industry. When governments do act to prevent dangerous climate change, the business model for fossil fuel companies will be over, and that day is fast approaching. And, if oil and gas companies keep on drilling in their final days, it will make climate change far worse – it is the right decision both financially and ethically for Pembrokeshire County Council to divest as soon as possible.”

This is the first time that the £231 billion investments of local government public money have ever been broken down and released publicly, and their exposure to fossil fuels quantified. The data shows that overall the 192 councils in the UK have £14 billion invested in fossil fuels via their pension funds. Three quarters of these direct fossil fuel shareholdings are in only ten companies, headed by BP and Shell.

80% of fossil fuel reserves need to remain in the ground to avoid catastrophic climate change. Consequently, there has been growing concerns about the long-term financial risks of fossil fuel investments. A recent analysis found that California’s public pension funds, CalPERS & CalSTRS, incurred a combined loss of over $5 billion in the last year alone from their holdings in the top 200 fossil fuel companies.

Friends of the Earth said in a statement: “This data offers the residents of Pembrokeshire the information they need to ask why the Council is choosing to invest in risky oil, gas or coal. Instead the Council could reinvest this money into building new homes, clean renewable energy or public transport.”

Eleanor Clegg also told The Herald: “Most fund members and taxpayers won’t be happy to learn that their money is funding climate change. As local residents we’ll be calling on the council to stand on the right side of history and divest from fossil fuels.”

She added: “Oxford and Bristol City Councils have already taken a lead in making fossil free commitments, joining 40 cities internationally and larger institutions like the Norwegian Government Pension Fund. There are 389 institutions globally – including universities, faith groups, health groups and governments – that have committed to divest. Local residents who would like to join the local campaign to convince Pembrokeshire Council to divest from fossil fuels should get in touch.”

A spokesman for Pembrokeshire County Council said in response: “Many commentators from the public and media get confused with the fact that it is the Dyfed Pension Fund and not Carmarthenshire, Pembrokeshire or Ceredigion individually. All investments are on behalf of the Dyfed Pension Fund – not any individual employer. There are approximately 50 employers in the fund.”

The spokesman added: “The Dyfed Pension Fund Statement of Investment Principles (SIP) details the Fund’s ‘Social, Environmental and Ethical Considerations’. Paragraph 5 states: The Pension Panel recognises that social, environmental and ethical considerations are among the factors which investment managers will take into account, where relevant, when selecting investments for purchase, retention or sale. The managers have produced statements setting out their policies. The managers have been delegated by the Panel to act accordingly.

“The Pension Fund is a member of the Local Authority Pension Fund Forum (LAPFF), which is one of the leading voices in corporate governance and responsible investment in the UK.

“Before making investments in fossil fuel companies the investment managers assess a wide range of factors, including, the political stability of the region where its reserves lie, the financial regimes it operates in, the life and quality of its reserves, its operational record, quality of the management, its financial strength, sensitivity to volatile energy prices and its market valuation.

 

2 Comments

2 Comments

  1. tom

    October 21, 2015 at 1:08 pm

    the pension fund managers have a legal obligation to ensure a decent return, it’s not to support the green ecoterrorists idea of their perfect world where we rely on the sun and the wind like the good old days of scurvy, the plague and the black death
    possible slight exageration to make my point – no different to the greenies there then 🙂

  2. Flashbang

    October 22, 2015 at 1:20 am

    I thought most green investments were money losing enterprises massively subsidised by the taxpayer. Their stupid wind generators have disfigured the countryside especially in Pembrokeshire.

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News

Pembrokeshire chef admits drink-driving after 14-hour shift

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A Pembrokeshire chef who was seen stumbling around in the road after crashing his car was found to be almost twice over the legal drink-drive limit.

Jamie Pope, 27, was seen stumbling in the road in the early hours of December 1 following a 14-hour cooking shift at a restaurant in Saundersfoot,  His vehicle, a VW Golf, had been involved in a one- vehicle collision and damage had been caused to its bumper.

“Police received reports that a car had been involved in an accident and the driver appeared to be intoxicated or on drugs,” Crown Prosecutor Sian Vaughan told Haverfordwest magistrates this week.

“Jamie Pope was seen stumbling around in the road and he appeared emotionally erratic and aggressive.”

When the officers approached Pope, he screamed at them, threatening to headbut one of the female officers.

“He said he was going to nut them,” added Ms Vaughan.

A roadside breath test proved positive while further breath tests carried out at the police station showed Pope had 65 mcg of alcohol in his system.  The legal limit is 35.

Pope, who previously resided at Maes yr Odyn, Narberth, pleaded guilty to drink-driving as well as an additional charge of obstructing or resisting an officer in the execution of their duty.

He was legally represented in court by Mr Michael Kelleher.

“He was going through a very emotional time in his personal life and he’d just worked a long 14-hour shift as a chef,” he said.  “He’d been drinking at work and crashed his car on the way home.  He was annoyed with himself, as he’d behaved outrageously.”

Mr Kelleher said that as a result of the offence, Pope has lost his job and his relationship had ended.

“He has now left Pembrokeshire and is living with his parents in Somerset.” he said.

Pope was sentenced to a 12 month Community Order during which he must carry out ten rehabilitation activity requirement days and 60 hours of unpaid work.  He was disqualified from driving for 17 months.

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Six-month old baby girl confirmed dead after being hit by car in Pembrokeshire car park

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Police have confirmed that a six-month old baby girl has died following a collision on the ground floor of Tenby multi-storey car park on January 2.

Sophia Keleman, from the Leigh, Manchester, was taken to hospital, but died of her injuries on January 3.

Thirty-three year old Flaviu Naghi, from Wigan, has been charged with causing death by dangerous driving, driving without a licence and driving without insurance. He appeared before Swansea Magistrates Court on Saturday where he was remanded in custody to appear before Swansea Crown Court on February 7. He was also arrested in suspicion of drink-driving and drug-driving.

Dyfed-Powys Police has confirmed that Sophia’s family is currently being supported by specially trained officers.

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Award-winning Welsh fashion designer stands down for health reasons

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One of Wales’ most enigmatic and successful fashion designers – Huw ‘Fash’ Rees – is to hang up his tailors’ shears for good later this year following his announcement that his bridal gown company – Huw Rees Brides – is to close.

In an announcement made on social media last weekend, Huw said his ongoing health issues leaves insufficient time for running his business in Llandeilo.  As a result, Huw Rees Brides will close by the end of March, 2025.

“It’s been a difficult decision, not taken lightly,” he said.

“But all our brides have been contacted and we will continue to work with all current brides until their weddings. There is no scandal, and no one will be left without a dress.”

Huw went on to say that later this year he will become an official celebrant.

Huw Rees Brides was launched in 2008, since when it has won no fewer than 14 national awards.  He is also a regular face on S4C’s ‘Prynhawn Da’ and ‘Heno’ magazine programmes where he presents the regular fashion slots.

Huw was first admitted to hospital in 2019, complaining of severe stomach pains. Tests confirmed that he had been suffering from kidney disease for a considerable period of time. The initial prognosis was that with medical treatment coupled with a healthy diet, he wouldn’t have to undertake dialysis nor a new kidney. But nine months later he was told that he would have to commence dialysis.

“I was worried, as I knew the effects that dialysis can have on a person’s life,” he said in a previous Radio Cymru interview.

“You have to be on the machine three times a week, for four hours a day, and to me, this felt like ‘broken heart syndrome’.

“But I knew how important it was to follow the guidance of the specialists, listen to what they had to say and start dialysis as soon as possible.”

His treatment began just two days after Christmas, 2019.

“I went in for a blood test and was told that things had got considerably worse, with the result that they decided to begin dialysis that very same day,” he said.

Throughout his treatment, Huw feared that his work would one day have to take a backward step.

“My work has always been my life, as this is what I love doing,” he said.

“But the care I’ve received from the NHS has been exceptional.

“The dialysis team has been so supportive, and not once have I been left feeling isolated.

“Also, the response I’ve had from the public since announcing the closure of the business last Saturday has been incredible and the messages of support have been pouring in.

“Those messages have meant a great deal to myself and to the girls, but the decision to close is a positive one, which will allow me some freedom to pursue other less consuming interests.”

Huw ‘Fash’ went on to say that instead of selling wedding gowns, he will soon become a licensed celebrant.

Latest Welsh government figures confirm that Kidney Replacement Therapy treatments, such as dialysis,  are currently being given to around 1,400 Welsh residents a year.

There are also almost 1,800 Welsh patients living with a functioning kidney transplant, who require ongoing clinical review, psychosocial support and immunosuppressive drug treatments. All forecasts consistently demonstrate that the need for these services for adults will grow by between 4 and 5% year on year.

The number of children reaching end stage kidney disease per annum is around two per million of the total population. In Wales this corresponds to approximately six new cases per year. There are approximately 50 children on Kidney Replacement Therapy (KRT) in Wales at any one time, many with a kidney transplant.

Meanwhile Huw Rees has confirmed that all stock, including current gowns, is now being sold for £350 or less.

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