The Devon Pension Fund for Devon Councils managed by Devon County Council is believed to invest a huge £215,549,000 in Fossil Fuels. There is a petition asking Devon County Council to divest from fossil fuels on the grounds that that this investment will impede any efforts to reduce emissions as part of our climate commitment. And furthermore represents a financial risk due to the long term unviability of fossil fuels.
The Devon Pension Fund for Devon Councils managed by Devon County Council invests a huge £215,549,000 in Fossil Fuels. It is clear that this investment will impede any efforts to reduce emissions as part of our climate commitment. And furthermore represents a financial risk due to the long term unviability of fossil fuels.
We call on Devon County Council to: • Immediately freeze any new investments in fossil fuel companies. • Divest from any company which is involved in the exploration or production of coal and unconventional oil or gas within two years, and from all fossil fuel companies within five years. • Work with all agencies to develop and fund a low-carbon investment programme for Devon County Council.
We urge you to do everything in your power to put the issue of Fossil Fuel Divestment on future Council Meeting Agenda, and to take every opportunity to ensure that Devon County Council plays its part in securing a safe future for our children and grandchildren.
Why is this important?
Pensions are about giving us a secure future. But our future security is fundamentally threatened by climate change. Our pension funds should not be invested in oil, gas and coal companies when we know we must leave 80% of all fossil fuels in the ground to avoid catastrophic climate change.
Our local authorities have a duty to look after the public good. Fossil fuels are in direct conflict with the public good: investing in them poses a risk both to pension members and to the planet. So the Councils of Devon should take a moral, political and economic stand against them by taking our money away from fossil fuel companies and putting it into investments that are less at risk from climate change legislation.
Divestment from fossil fuels would make a powerful statement that the fossil fuel industry is morally and economically unviable, and that the people of Devon wish to support an alternative, sustainable energy future that will leave the planet in a shape that allows us, our children and grandchildren to live safely on it.
How it will be delivered
A Press Conference will be held to present the petitions in person to Devon County Council.