Fossil Free Shropshire questions council pensions committee

Fossil Free Shropshire says its £2 billion pension scheme continues to invest millions in fossil fuel giants like BP and Shell and coal mining company Glencore.

And it says just two of the companies in the fund’s Climate Stewardship Plan are aligned with a 1.5C scenario by 2050.

During the Shropshire and Telford and Wrekin councils pension fund committee on Friday a series of public questions about the climate emergency were asked by Shropshire residents and fund members. Among them was a question from 15 year old Isobel Russell who asked if the Pension Fund Committee had a legal obligation to safeguard her future and that of other young people in Shropshire

Joanna Blackman, a spokesperson for Fossil Free Shropshire, said: "In January, the Pension Fund Committee voted to stay invested in fossil fuel companies, preferring to put profit before planet.

"They continue to invest in companies like BP and Shell that are opening new fossil fuel infrastructure, even though the world’s scientists say this will push us towards catastrophic climate breakdown."

Answering the questions, Justin Bridges said there had been an overhaul of the senior management team at Glencore and said the culture of the company had improved dramatically.

He said the fund had to take an holistic approach to climate change risk.

"The carbon climate action 100 investors are urging a transition to lower carbon economy and bring forward coal exit plans," he said.

"Focussing on supply is only part of the story. It seems likely reserves continue to be extracted and burnt if not by listed companies then private companies will exploit the situation.

"Coal remains part of the energy mix in many areas and we are conscious of the hardship associated by spiralling energy prices caused by the contraction in supply.

"We have to manage transition away from fossil fuels."