Glasgow City Council, which runs the Strathclyde Pension Fund, was asked to establish a plan to divest from fossil fuel companies before the COP26 UN climate summit to be hosted in the city in November. But the new policy, set out in a report to be discussed this week, has been criticised by the Scottish divestment campaign as “morally repugnant” and “banking on the failure of the summit”. Unless councillors called for action, campaigners said, investment in companies linked to fossil fuels would continue. Analysis by Friends of the Earth Scotland estimated that the Strathclyde Pension Fund invests more than £836 million in fossil fuel companies. The fund’s own estimate is that oil and gas investments are worth £316 million. Even the lower figure is the largest investment in climate polluters of any public fund in Scotland, Friends of the Earth Scotland said.
Drill or Drop 6th Sept 2021 read more »
Glasgow City Council’s new investment policy has been met with strong criticism from campaigners, who say that the Council is banking on the failure of the UN climate talks it’s about to host. Unless amended, the new policy is likely to see hundreds of millions of pounds of investments in fossil fuels retained indefinitely by the Strathclyde Pension Fund. The Strathclyde Pension Fund, which is run by Glasgow City Council, was asked to put in place a plan to divest from fossil fuel companies before the COP26 UN climate summit, taking place in Glasgow in November. On Wednesday the Pensions Committee is due to meet for the last time before COP26. In their latest detailed assessment, Friends of the Earth Scotland estimated that the Strathclyde Pension Fund invests over £836 million in fossil fuel companies. The Fund’s own estimate put oil and gas investments at £316 million. Either figure makes it the largest investment in climate polluters of any public fund in Scotland. A rally was held to protest the investments on Monday 6th September outside Glasgow City Chambers.
FoE Scotland 6th Sept 2021 read more »
Scotsman 6th Sept 2021 read more »
The National 7th Sept 2021 read more »