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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.

 

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

UK government boosts Port Talbot transition fund with extra £22m support

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AN EXTRA £22 million in UK Government funding has been announced to support workers and businesses affected by Tata Steel’s transition at Port Talbot, taking the total community support package to £122 million.

The funding uplift means the Tata Steel / Port Talbot Transition Board fund now stands at £102 million from the UK Government, alongside a further £20 million contributed by Tata Steel. Ministers say the additional money could help support up to 1,000 more jobs across the local economy.

Since July 2024, the Transition Board has already allocated £80 million to the Port Talbot area, funding thousands of training courses for individuals and helping nearly 200 businesses to start, expand, invest in new equipment and move into new markets.

The UK Government said the rapid deployment of the funding has helped prevent an increase in unemployment benefit claims during Tata Steel’s shift towards greener steelmaking.

Following strong demand for support, a further £22 million has now been allocated, extending the availability of Supply Chain, Business Start-Up, Resilience and Growth funding into 2026. The announcement was made on Thursday (Dec 18).

Secretary of State for Wales Jo Stevens said the government was determined to continue backing the community through the transition.

She said: “This government has acted decisively to support workers and businesses in Port Talbot, allocating the entire £80 million in initial funding quickly into the community to ensure that whoever needed support could access it.

“Grants have been delivered swiftly to meet the needs of local people, businesses and communities, and there is evidence that our approach is working. But we want to make sure that as many people as possible have continued access to support with the extra £22 million for local businesses into the new year.

“We said we would back workers and businesses affected by the transition at Port Talbot and are delivering on that promise.

“It remains a difficult time for Tata Steel workers, their families and the community, but we will continue to support them.”

Ms Stevens announced the funding increase during a visit to Port Talbot-based engineering firm JES Group, which has received Transition Board support. She also toured the JES Academy, which is providing training for dozens of former and current steelworkers.

Justin Johnson, Director of JES Group and The Skills Academy, welcomed the announcement.

He said: “I want to express our gratitude to the UK Government for establishing the original Transition Fund and for now having the foresight to increase the level of support at such a critical moment.

“This uplift will make a significant difference to supply-chain companies like ours. As Tata Steel transitions to electric arc furnace steelmaking, businesses like JES must transition alongside it, while also diversifying into new sectors to reduce reliance on what was once our core work.

“We believe the history of steelmaking in Port Talbot is far from over and that a brighter, greener future lies ahead, but while that future takes shape, diversification is essential.

“The journey has not been easy, and it is far from over, but this additional support creates real opportunities for stability and growth. I also want to recognise Business Wales and Neath Port Talbot Council’s economic development team for their guidance and practical assistance.”

The Transition Board was established to protect jobs and the local economy during Tata Steel’s move to greener steel production. Information on applying for support is available via the Tata Steel Transition Information Hub.

The UK Government has also committed £2.5 billion to rebuild and decarbonise the UK steel industry, with a national Steel Strategy due to be published in early 2026. This includes £500 million already allocated to Tata Steel for the electric arc furnace now under construction at Port Talbot.

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Charity

Communities across Pembrokeshire unite in memory of Sally Allen

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THE TRAGIC loss of Sally Allen in 2025 sent shockwaves through communities across Pembrokeshire and beyond. Deeply loved and widely respected, Sally was an integral part of the agricultural and equestrian world. Her sudden passing left an immeasurable sense of loss for her family, friends, and the many organisations and communities she was part of.

In the days and weeks following the accident, people from across the county came together in an extraordinary show of compassion, solidarity and remembrance. Sandy Bear Children’s Bereavement Charity was on hand to offer guidance and support to communities affected by the tragedy, helping individuals and families navigate the early and often overwhelming stages of grief.

Support in Sally’s memory has been widespread, with particular strength coming from the agricultural and equestrian sectors that meant so much to her. Young Farmers Clubs across Pembrokeshire organised fundraising evenings and gatherings, creating spaces for people to come together, share memories, and acknowledge the profound loss felt by so many.

On Monday 15 December, a deeply moving moment of remembrance took place as Sally’s family came together with David Evans, Chief Executive Officer of Clynderwen and Cardiganshire Farmers Ltd (CCF), along with further representatives from CCF and Sandy Bear Children’s Bereavement Charity. The occasion marked the launch of a specially commissioned design on one of CCF’s lorries.

The vehicle, N12 CCF, now proudly carries sunflowers – a flower Sally loved – alongside her name, celebrating her life while also featuring the Sandy Bear logo. This thoughtful tribute was warmly received by the Allen family and ensures that Sally’s memory, kindness and impact will continue to be carried far and wide.

CCF is deeply rooted in the landscapes and communities Sally cared about. At the launch, Mr Evans announced that CCF will make a donation to Sandy Bear aligned with the miles travelled by N12 CCF throughout January, transforming everyday journeys into a lasting legacy of support.

In addition, a JustGiving page will remain open until the end of January, allowing individuals and organisations to continue honouring Sally’s memory by supporting Sandy Bear alongside the CCF fundraiser.

Sandy Bear Children’s Bereavement Charity supports children and young people across Wales who are grieving the death of someone important to them. Being present at times of profound loss, and helping communities process grief with care and compassion, is at the heart of the charity’s work.

Sally Allen’s life touched many. The response to her passing has shown not only the depth of love felt for her, but the strength of communities when they come together in kindness. Through these acts of remembrance and generosity, her legacy will continue to make a difference to others during their darkest moments.

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Crime

Haverfordwest man denies historic rape charges involving underage girl

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Trial listed at Cardiff Crown Court for 2027

A HAVERFORDWEST man has denied a series of historic sexual offences against an underage girl and is due to stand trial at Cardiff Crown Court in 2027.

Lee Mahagan, aged 52, of High Street, Haverfordwest, has pleaded not guilty to four counts of rape and two counts of engaging in penetrative sexual activity with a child.

The charges relate to allegations involving a girl aged between 13 and 15, which are said to have occurred in Cardiff between 2009 and 2010.

The court was told that the case is expected to take around five days when it goes before a jury. A trial date has been set for January 25, 2027.

Mahagan was granted conditional bail by Judge Hywel James following a hearing at Cardiff Crown Court.

The defendant is represented by David Pinnell, while Daniel Jones is appearing for the prosecution.

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