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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

Pembrokeshire miracle cat survives journey beneath moving recovery truck

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Zyla the fun-loving feline had a day to remember on Monday after climbing on the chassis of a recovery truck parked close to her home in Neyland.

After curling up into a cosy little ball, the 14-year-old cat found herself being whizzed around the roads of Pembrokeshire. And her journey continued on into the evening.

Just before 7pm, when the truck driver returned to Neyland, he heard some plaintive little cries coming from beneath his vehicle.

“They were quite loud cries, and when my partner went to investigate, this little beauty made an appearance,” said the recovery driver’s partner, Emma Louise James.

“We’ve no idea how she managed to stay securely on the vehicle throughout the afternoon because the truck had been on recoveries over quite a wide area including Whitland, Haverfordwest and Clarbeston Road.”.
Despite appearing to be uninjured, Emma decided to take the cat to the local vets in order that she could be scanned for a microchip.  They also put photographs of her on social media, hoping that her owner would recognise her and come forward. 

Sure enough, after no fewer than 1,700 shares, her owner, Paula Busby, was able to breathe a sigh of relief when she learned that her precious little Zyla was safe and well.

“This was one of the best presents I could have had,” Paula told The Herald.

“The last time I saw Zyla was mid afternoon on Monday.  I slipped out for a few hours but when I came back,the alarm bells immediately started ringing because Zyla always responds to the whistle.  But when I blew the whistle, there was no sign of her.”

Paula’s concerns were exacerbated by the fact that a few days previously, little Zyla had suffered a seizure and was booked in to see the vet.

“So in many ways, her adventure has been something of a blessing,” continued Paula.  “While she was at the vets she had another fit which enabled the vet to carry out some tests which confirmed that she has epilepsy.  So from now on she’s on medication to help her.

“When you consider how long she spent underneath the recovery truck, it really is a miracle that she survived.  From now on we shall be keeping a very close eye on her.

“We’re just so grateful to the hundreds of people who shared the post on Facebook and of course to Emma and her partner for doing everything they could to help little Zyla.

“She really is a miracle.”

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Crime

Lamphey man stole £1,300 from train passengers’ bags

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A LAMPHEY man has been sentenced for stealing £1,300 in cash and bank cards from passengers’ bags on the Tenby-Pembroke Dock train.

The court heard that on August 11, Luke Brummit, 46, removed two rucksacks from the luggage rack and searched them.

“The defendant took the bags into another carriage, searched them, and removed a purse and wallet before leaving the bags beneath the seat,” Crown Prosecutor Derek Davies told magistrates.

Brummit also admitted stealing £86.06 worth of items, including two legs of lamb and bottles of beer, from Sainsbury’s in Tenby on September 19.

Defence solicitor Tom Lloyd said Brummit has since taken steps to address his behaviour: “He’s doing better than he’s ever done and is working to improve his conduct.”

Magistrates imposed an 18-month community order, including 20 rehabilitation activity requirement days and a 120-day alcohol monitoring programme. Brummit must pay £1,300 compensation to the victim, £86.06 to Sainsbury’s, a £114 court surcharge, and £85 in costs.

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Crime

Ex-refinery worker sentenced for harassment and stalking in Milford Haven

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A FORMER refinery worker has been sentenced after harassing his ex-partner by dumping rubbish in her garden and shouting through her letterbox.

Haverfordwest magistrates heard that on June 14, at around 6:20am, Kyle Allerton, 29, arrived at Leah Jenkins’ property in Milford Haven after attempting to call and text her earlier that morning.

“He rang her at around 6:00am, then turned up at her property at 6:22am,” Crown Prosecutor Derek Davies said.

“He shouted through the letterbox, demanding she come to the door or window to talk to him. He then emptied bins over her garden before driving off in a white van.”

Jenkins said in her victim impact statement: “I feel harassed by his actions and worried about what he might have done.”

Probation officer Courtney Colman explained that Allerton had struggled to cope with the end of their seven-year relationship, turning to alcohol as a coping mechanism.

“He was drinking up to ten cans a day, which contributed to his losing his job at the refinery,” she said.

Allerton pleaded guilty to harassment. Magistrates imposed a 12-month community order, including 15 rehabilitation activity requirement days and 10 hours of unpaid work. He must pay a £114 court surcharge and £85 in costs.

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