SHROPSHIRE PENSION FUND INVESTMENT
To debate the questions asked of Full Council in June 2020; namely
Question 1
"Fossil fuel investments increasingly pose a financial risk to investors as a result of both Covid19 and the global transition to a more sustainable economic and environmental model. Renewables now consistently out-perform fossil fuels. Will Shrewsbury Town Council, as a contributing member of the Shropshire County Pension Fund, call on the Fund to swiftly divest from fossil fuels and re-invest to support a localised and green economy?"
Question 2
In 2019 Shrewsbury Town Council declared a climate emergency after recognising the need for robust and urgent action to stop the growing climate crisis. STC was one of the first town councils in the UK to take this step and I would like to applaud them for their action.
However, I note that the town council continues to support the Shropshire County Pension Fund which has millions of pounds invested in polluting fossil fuel companies like BP and Shell.
Does the town council agree that the ongoing financial support of companies whose business models are preparing for a 5C world (https://www.independent.co.uk/news/business/news/bp-shell-oil-global-warming-5-degree-paris-climate-agreement-fossil-fuels-temperature-rise-a8022511.html) is incompatible with the declaration of a climate emergency?
If so, would the town council be happy to propose a motion calling on SCPF to fully divest all its fossil fuel holdings over the next three years?
The town council would not be taking a leap into the dark on this issue. It would be following in the footsteps of many other UK institutions, including local authorities (eg. Swansea, Stroud, Reading and Derby); pensions funds (eg. the Environment Agency, Waltham Forest, South Yorkshire and Cardiff); half of all UK universities including Oxford University; churches; the British Medical Association; the Royal Colleges of GPs, Physicians and Emergency Medicine; the National Trust and Lloyds of London Insurance group.
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