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£141m investment in fossil fuels criticised

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fossil fuels

 

 

 

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.

 

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COVID-19 tests being encouraged for wider range of symptoms

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PEOPLE living in Pembrokeshire are being encouraged to have a free COVID-19 test if they have a wider range of symptoms.

Previously, only those with either a high temperature, a new continuous cough, or a loss/change of taste and smell, were advised to seek a test. The health board is now also encouraging people to have a test if they have any of the following symptoms:

  • Flu-like symptoms, including myalgia (muscle ache or pain); excessive tiredness; persistent headache; runny nose or blocked nose; persistent sneezing; sore throat and/or hoarseness, shortness of breath or wheezing
  • Generally feeling unwell and a history of being in contact with a known COVID-19 case
  • Any new or change in symptoms following a previous negative test

The change aims to find hidden COVID-19 cases in our communities and drive down the numbers of onward transmissions.

Identifying infections, which could otherwise go undetected, is particularly important as new variants of the virus emerge. The more tests carried out, the easier it will be to spot early clusters of cases and possible virus mutations. This will help with easing restrictions in the future.

The new testing regime will initially run for at least 28 days and will then be reviewed. Swansea Bay University Health Board is also expanding its offer of testing in this way.

Alison Shakeshaft, Director of Therapies and Health Science at Hywel Dda University Health Board, said: “Overall, we are seeing a positive picture across the three counties and there has been a steady fall in the number of COVID-19 cases.

“Also, the demand for tests has come down considerably since the end of 2020, so we have capacity to expand the offer of testing to those with a wider range of symptoms.

“We know the wider group of symptoms do occur in COVID-19 but are not reported as often as the ‘classic three’ symptoms. With the very low rates of flu circulating at the moment, it is more likely that wider flu-like symptoms are due to COVID-19.

“Our aim is to find as many COVID-19 cases as possible so we can prevent the virus being passed on to others. We want to do everything we can to help bring the pandemic to a close as fast as possible and help restrictions to be lifted.”

If you have any of the symptoms outlined above, please stay at home and get a test by booking online via the UK portal https://www.gov.uk/get-coronavirus-test or ringing 119.

As these are national contacts, you may automatically be asked about the ‘classic three’ symptoms. However, to book your test simply choose either one of these options: “You have been asked to take a test by your local council” or “You are part of a government pilot project”.

Once you have had your test, you must continue to self-isolate until you receive your result, which will usually be within 24 hours of the test. If your result is positive, you must self-isolate for 10 days from the date your symptoms started. You will also be contacted by the local Tracing Team.

If your result is negative, you can end your self-isolation, when you feel well enough to do so.

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Dale Morgan charged with murder of Judith Rhead, police confirm

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DYFED POWYS POLICE have charged a man in connection with the alleged murder of 68 year old Judith Rhead who was found dead in her home in Market Street, Pembroke Dock on Saturday (Feb 20).

Dale Morgan, 43, will appear at Llanelli Magistrates’ Court today by video link.

Dale Morgan, in court today

A spokesman for the force said: “Dyfed-Powys Police can confirm that Dale Morgan, aged 43, has been charged with the murder of Judith Rhead, aged 68, who was found in a property in Market Street, Pembroke Dock.

“He is due to appear before Llanelli Magistrates’ Court today (Thursday, 25 February).”

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Judith Rhead murder investigation – Detectives given more time to question suspect

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POLICE have been given more time to question a 43-year-old man arrested on suspicion of murder.

The man has been in police custody since Saturday night, after being arrested over the death 68-year-old Judith Rhead.

She was found in a residential property in Market Street.

The police now have until Thursday afternoon (Feb 25) to question the suspect.

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