EMBARGOED: 00.01AM, 9TH NOVEMBER 2017

NEW REPORT REVEALS DERBYSHIRE COUNTY COUNCIL INVESTING £257 MILLION IN CLIMATE-WRECKING COMPANIES

National data released today has revealed that Derbyshire County Council is investing £257 million in the fossil fuel industry through their management of the council pension fund [1]. “Divest Derbyshire” campaigners [2] say the controversial investments threaten the climate and also represent an unacceptable financial risk to pension-holders. The amount directly invested in the fossil fuel industry includes £143 million (55%) in companies with major fracking operations [3].

The release of the ‘Fuelling the Fire’ report and data coincides with UN international climate talks taking place in Bonn, Germany, which the UK government is attending. It highlights the incompatibility of the UK’s climate action promises with continued investment in the fossil fuel industry.

Michelle Cadet-Rose, a member of the Derbyshire Pension Fund, commented:

“" I think it's high time the Pension Fund explain to their members why they are continuing to invest in an industry that is financially risky and morally bankrupt when we want our pension fund invested in more forward thinking and sustainable industries"

Hilary Hebron of Transition Wirksworth Activists said:

"Scientific opinion suggests that we have probably already lost the chance of limiting the global temperature rise to the 1.5 C. agreed at the Paris Climate summit. It is now extremely urgent that we stop using fossil fuels NOW".

Dave Kesteven, Chair of Eckington Against Fracking [4], added:

“It adds insult to injury that our own council is supporting fracking through its investments, while many Derbyshire residents are actively campaigning to stop fracking blighting large areas of the county.”

Ellen Gibson, Divestment Campaigner with 350.org added:

“With hurricanes devastating the Caribbean, wildfires ravaging southern Europe and flooding and drought destroying lives across the world - the impacts of climate change are hitting hard.

“Despite this, UK councils are still ploughing billions into companies like Exxon, Shell and BP who have spent decades fuelling the crisis, and profiting on its back.

“Climate change isn’t just a problem for future generations - it’s happening now, and action has never been more urgent. Our councils, and all public institutions, must cut their ties with the fossil fuel companies responsible and divest.”

The data and online map released by 350.org, Platform and Friends of the Earth ranks councils by their fossil fuel investments, and allows residents to see every company or fund their local council has invested in. The figures show that UK councils investa total £16.1 billion of their workers’ pensions into companies that extract coal, oil and gas, fuelling dangerous climate change. This is out of a total of £289.9 billion.

Full divestment commitments have so far been made by two UK council pension funds, with a further four making partial commitments [5]. The campaign to divest local council pensions has this year received backing from Unison and the Trades Union Congress (TUC) [6].

James Eaden, President, Chesterfield & District Trades Union Council said:

“Chesterfield & District Trades Union Council fully supports the call to divest the Derbyshire pension fund from companies that are engaged in fracking and in fossil fuel extraction. We need investment in a sustainable economy which promotes green jobs and technology. Local councils should take the lead in this by making sure that the huge funds that they hold in pension funds on behalf of present and past employees are used in an environmentally responsible way.”

CONTACT: Lisa Hopkinson, l: 07908-649648

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NOTES

  1. To view the full national data set and for more information, visit: gofossilfree.org/uk/fuellingthefire
  1. The Divest Derbyshire campaign is supported by 20 organisations across Derbyshire (in alphabetical order): Amber Valley Against Fracking; Calow Against Gas Extraction (CAGE); Chesterfield and District Trades Union Council; Chesterfield Climate Alliance; Clay Cross Against Fracking; Coal Aston and Dronfield Against Fracking; Derby Climate Coalition; Eckington Against Fracking; Glossopdale Transition Initiative; Melbourne Area Transition; Sustainable Edale; Sustainable Hayfield; Transition Belper; Transition Buxton; Transition Chesterfield; Transition Hope Valley; Transition Matlock; Transition New Mills. Transition Wirksworth; University of Derby Students’ Union. In March 2017 the campaign submitted a petition signed by over 1,000 people calling for the Derbyshire Pension Fund to divest from fossil fuels.
  2. Shell, BP, BHP Billiton, Newfield Exploration and Pioneer Natural Resources all have major fracking operations elsewhere in the world.Data on fracking companies kindly provided by Friends of the Earth Scotland.
  3. Eckington is near to the first site in Derbyshire with a planning application for an exploratory fracking well. Over 3,000 people have objected to the application. Derbyshire County Council are due to hear the application by INEOS in early 2018.
  4. Waltham Forest and Southwark Council Pension Funds have committed to phase out all fossil fuel investments from their portfolio. To see the full list of global divestment commitments, visit: gofossilfree.org/commitments
  5. Read more on Unison’s decision on Platform’s blog. View the text of the TUC motion - adopted unanimously - on the Trade Unions for Energy Democracy website