News
£141m investment in fossil fuels criticised

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.
Community
Narberth Castle site to close for essential conservation repair work

PEMBROKEHIRE COUNTY COUNCIL says it is pleased to confirm that essential conservation and repair works at Narberth Castle will start on Monday, May 19th.
The works are part of a carefully planned conservation programme designed to stabilise the castle’s historic stone walls using specialist mortar bedding techniques, undertaken in accordance with CADW guidance.
Given the sensitive and technical nature of the works, and the need to use tracked access equipment across uneven grassed areas, a full closure of the site to the public will be required for a period of 12 weeks.
This includes the footpath through the site.
This closure will enable contractors to carry out vital repair and stabilisation work safely and effectively.
The project is expected to be completed by the end of August 2025, at which point the entire site will be fully reopened to the public.
Currently, several areas of Narberth Castle remain closed due to structural safety concerns.
While it is fully appreciated that the summer months are important for tourists and visitors, prolonged dry weather during this period is essential to carry out the specialist conservation works effectively and safely.
These essential works are key to ensuring the long-term preservation of this important heritage site.
Pembrokeshire County Council remains committed to keeping the community informed throughout the project and will provide regular updates as the work progresses.
Cllr Rhys Sinnett, Cabinet Member for Residents’ Services, said: “We apologise for the short notice before this work begins but it is important that we acted as quickly as possible to deliver this project whilst the weather allows it.
“It will mean some inconvenience now, but with the outcome that this important heritage asset remains in good condition for the foreseeable future.
“We thank people in Narberth for their patience on this matter and I am sure they would want to see a safe and accessible cultural asset in their community for the long term.”
Cllr Marc Tierney, the local Councillor for the Narberth Urban ward, added: “Narberth Castle is really important to the people of the town and historically as a place linked to the Mabinogion.
“The delay to repair works has been frustrating, and a continued closure is disappointing. However, I realise that good weather is needed to ensure the repairs hold, which means the Castle will reopen to all in a few months.
“Many local residents have asked how the Castle grounds could be further improved, and this is part of an ongoing conversation that I am having with the Town Council, Pembrokeshire County Council and other interested parties.”
Business
House prices stall across West Wales

HOUSE prices in Pembrokeshire and Ceredigion have seen sharp fall in the first quarter of 2025.
The figures have been released by Principality Building Society in its Wales House Price Index for Q1 2025 (January – March), which demonstrates the rise and fall in house prices in each of the 22 local authorities in Wales.
Principality’s report shows that Pembrokeshire has recorded the largest annual drop in house prices in the region, decreasing by 4.8% to an average price of £238,730, though this figure is still higher than the national average.
In Ceredigion house prices saw a double-digit quarterly drop of 10.1% and 3.2% annual fall to an average price of £241,321. Despite a quarterly dip of 2.3%, the report presents a positive picture for Carmarthenshire with house prices up 2.7% from last year’s price to an average of £221,370.
On a national level, the average price of a home sold in Wales increased to £238,413 in the first quarter of 2025, up 2.2% on the previous quarter and 4.0% higher than the same period last year.
While affordability challenges remain, the steady rise in both prices and the number of transactions – which reached 10,000 in Q1 (up 20% on last year) – suggests buyer confidence is still growing, despite households continue to navigate cost-of-living pressures, an elevated rates environment and global economic uncertainty.
Overall, Principality Building Society research, based on HM Land Registry data, reveals that price declines in regional areas have eased over the past three quarters compared to the same period last year, offering some signs of stability for buyers and sellers in a shifting market.
Speaking about the Q1 House Price Index, Iain Mansfield, Chief Financial Officer at Principality Building Society, said:
“The housing market in Wales has had a positive start to 2025, with prices rising quarter on quarter at their fastest pace in over two years.
Despite a challenging economic backdrop, we’re seeing a year-on-year growth of transactions, spurred on by supply challenges and falling rates. Meanwhile, affordability remains a key factor shaping the market landscape.”
A key driver of the year-on-year transaction growth could be the ongoing supply issues with the last 25 years seeing a notable decline in house building in Wales.
Significant policy changes such as the extension of the Welsh Government’s Help to Buy scheme, second home tax adjustments, and plans to build more affordable housing aim to combat this challenge and curb investor activity.
Iain continues: “Across Westminster and Wales, housing is high on the agenda. Looking ahead, the UK Government remains publicly committed to extensive planning reforms – setting out an ambitious target to build 1.5 million homes over the next 5 years, representing a significant shift in the UK’s housing landscape.
“This, paired with the Welsh Government’s Help to Buy Wales extension and additional £10 million investment allocated to kickstart housing schemes across Wales signals a clear message that policymakers recognise the importance of housing to families and individuals across the country.
“Despite external pressures such as cost of living, inflation, and global economic pressures, the housing market in Wales is moving forward in a positive direction, with increased consumer confidence and areas of strong regional performance.
Principality Building Society is dedicated to working with housing associations and other developers to deliver sustainable housing solutions for communities across Wales as part of the solution; providing affordable, quality homes.”
Principality Building Society, a mutual organisation which is owned by Members, and not shareholders, aims to support and build a society of savers where everyone has a place to call home. For more information go to: www.principality.co.uk/mortgages/house-price-index.
News
Police search Bramble Hall Farm in major operation

Landowner says man fled across fields as woman arrested
A LARGE police presence was reported at Bramble Hall Farm in Pembroke Dock on Friday (May 16), with around eight police vehicles seen entering the site at approximately 3:00pm.
Witnesses described the scene as resembling a “major operation,” with officers searching the extensive premises, now operating as a scrapyard. The Herald understands that police were looking for a man and a woman, with the male suspect believed to be wanted on recall to prison.
The farm’s owner, Sean Burns, told The Herald: “They were looking for a boy and a girl, but they didn’t get him—he ran away across the fields. They got the girl though. I think she has been arrested.”
A young woman at the farm corroborated the story when the Herald made inquiries by telephone.
No official statement has yet been issued by Dyfed-Powys Police, and The Herald is withholding names until formal confirmation is received.
The search resumed later in the day, with officers returning to continue their enquiries into the evening.
In a separate incident on Thursday (May 15), fire crews were called to the farm to extinguish a large fire reportedly lit by Mr Burns. The blaze, involving a pile of rubbish and wood over 10 feet high, was deemed hazardous due to the risk of spreading and the potential presence of dangerous items such as gas cylinders.
“There were about 20 firemen here,” said Mr Burns. “Loads of them. I don’t know why there was a problem—I already phoned control and told them I was gonna set the fire.”
Mid and West Wales Fire and Rescue Service confirmed their attendance and advised that the fire posed a risk to surrounding structures and vehicles.
This marks at least the third time emergency services have been called to Bramble Hall Farm in recent months. A previous incident involved a fire in a portacabin filled with tyres that spread to several scrap vehicles, while another incident is believed to involve suspected arson at a residential building on the site. Police are investigating both cases.
The Herald has contacted Dyfed-Powys Police and Mid and West Wales Fire and Rescue Service for comment.
(Photo: File image of police at the farm)
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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 🙂
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.