Council urged to ditch investment in fossil fuel

Friends of the Earth Cymru, Future Generations Commissioner for Wales, Sophie Howe and others have published an open letter urging local authority pension funds, the new Wales Pension Partnership, the Assembly Member pension scheme and the Welsh Government pension fund to commit to truly ethical investment policies which do not include any fossil fuel firms.

Powys councillors did debate the issue at a full council meeting 18 months ago.

The organisations want to see public bodies take their money out of fossil fuels investments.

They believe this would help support more vulnerable countries where people are already experiencing the front-line impacts of climate change.

Bleddyn Lake, of Friends of the Earth Cymru, said:  “The public sector in Wales must stop funding the companies responsible for the climate crisis. Divestment is a powerful way of showing the fossil fuel industry that we’re taking the climate emergency seriously.”

In Wales so far, Monmouthshire and Cardiff Councils have passed votes to divest their pensions from these companies.

Future Generations Commissioner for Wales, Sophie Howe said:  “Decision-makers need to be taking immediate action and one strategic commitment they can make to contributing to a globally responsible Wales is by making the right financial decision for the well-being of our future generations.”