- Conference
- 2024 Water, Environment & Transport Conference
- Date
- 27 February 2024
- Decision
- Carried
The failure again of the latest COP climate talks, COP28, to provide an unambiguous statement on the phasing out of fossil fuels is both ‘dangerous’ and ‘devastating’, leading climate scientists have stated. One climate scientist said that it is a “tragedy for the planet and our future” whilst another scientist described it as “the dream outcome” for the fossil fuel industry.
Having investments in fossil fuel companies no longer makes sense financially, socially and planetary, because:
Fossil fuel stocks were already on a long-term downward trajectory, and COVID-19 has accelerated this process. Meanwhile, renewables stock prices are growing by up to 20% a year. The Fossil Fuel age is ending, and financial markets know it. If pension fund committees don’t move their members’ money out of fossil fuels soon; lowering prices, financial instability and likely bankruptcies could cause huge losses.
Engagement with fossil fuel companies is not working. This is especially undeniable in the case of local authority pension funds: their scale is too small to fundamentally change the core business model of fossil fuel majors.
Change that is both good for the planet and good for returns is possible. Six local government pension funds, half of all UK Universities, and over 1,250 institutions representing over $14.5 trillion in assets have already committed to going fossil free (Divest, 2021 UKDivest_Report.pdf).
Conference calls on the WET Service Group to ask UNISON to put maximum pressure on the Scottish Environment Protection Agency to:
Request the Falkirk LGPS to divest all shares in fossil fuels immediately.
This is because the Scottish Environment Protection Agency should be joining in the vanguard of the divestment movement and sending a clear message to all environmental protection agencies around the globe. Having the weight of UNISON behind this request would significantly increase its chances of success.