South East Councils invest over £1 billion in fossil fuels

24th September - New data released by 350.org today [1] reveals that across the country, councils are handing a total of £14 billion of pensions money to this destructive industry. The data reveals that in the South East region alone, Councils are investing over £1.4 billion in fossil fuel companies, and therefore failing to manage both the financial and climate risks of these investments.  

Chair of the South East Green Party and County Councillor, Jonathan Essex said:

“This new data exposes the shocking extent to which the South East’s councils are backing fossil fuels, at a time when action on climate change is more pressing than ever. The South East Greens call on councils across the South East to follow the lead of other councils and organisation across the world who have divested”

Keith Taylor, Green Party MEP for the South East region said:

"There will be outrage up and down the country today as people find out that their money is being invested into fossil fuels which our hugely damaging to the climate and our environment.The £14 billion should be immediately reinvested into affordable housing and clean energy technologies".

Notes

1)      Data can be accessed at http://gofossilfree.org/uk/pensions/ 

2)      This data is released as part of an ongoing campaign through Fossil Free UK to secure fossil free divestment commitments from local governments, backed by 350.org, Platform, Community Reinvest and Friends of the Earth. Friends of the Earth here refers to Friends of the Earth Scotland and Friends of the Earth, England, Wales & Northern Ireland. Fossil Free UK is a grassroots network, with all campaigning on local government lead by volunteer groups across the country.

3)      Hundreds of institutions worth trillions of dollars around the world have already made divestment commitments – from universities to faith groups to national governments: gofossilfree.org/commitments

 


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