Bristol Green Party Logo

Thursday, 14th Mar 2019

Mayor must take action on fossil fuel funds

 

The motion is being proposed by Green councillor for Redland Martin Fodor. Councillor Fodor said:        

“We thought we’d see action on this back in 2015 and now the stakes are rising as the climate breakdown is emerging. Thousands of people in the city are calling for action to protect our climate but the funds behind many local pensions are still locked up in oil, gas and coal companies.

“We’ve been supporting and ‘engaging’ with fossil fuel industries rather than actually divesting from them for decades but this approach has clearly got us nowhere. It’s time to stop funding them – all they ever do is ask for government subsidies and tax credits to drill new wells and mine more coal – it’s time our pension fund saw this doesn’t work and put our money where needed for the future, and refused to fund these big polluters. Instead we have the potential to put these funds to work to create the future we need, with energy efficiency, clean power, and smart systems that will help run the economy.”

Sources

1) https://www.bristolgreenparty.org.uk/news/council-votes-for-fossil-free-pensions

2) https://www.theguardian.com/environment/2019/mar/12/resource-extraction-carbon-emissions-biodiversity-loss

Notes

 

Avon Pension Fund – Divestment and Diversification

 

This council notes:

1.     In 2015 the Full Council resolved that the Avon Pension Fund (APF) should consider divestment from fossil fuels and diversification into clean technologies like renewable energy, energy efficiency and energy storage;

2.     Council agreed that the Mayor should contact Avon Pension Fund and ask for a report on the issue;

3.     There is widespread concern from scientists that declared worldwide fossil fuel reserves, if exploited, constitute a threat to the stability of the global climate;

4.     There is growing recognition that fossil fuel reserves are therefore a class of asset held by investors which have growing risks of being ‘stranded’ ie left with reducing value due to the fact not all claimed reserves now have the value being imputed to them, due to the need for them to remain in the ground;   

5.     An ever growing number of public and private sector funds, endowments and investment portfolios are choosing to divest from fossil fuels worldwide, including several local government pension funds. MPs have now called for their own funds to be divested.

6.     The recent clarifications of the fiduciary duty of fund managers confirms that they should take into account a range of environmental, social and governance (ESG) issues and have a clear statement of investment policies;

7.     The Avon Pension Fund now uses investment provided by the Brunel Pensions Partnership, which is a leading local government pension partnership offering low carbon investment opportunities.

8.     Staff union Bristol Unison recently reaffirmed their clear support for divestment of the funds from fossil fuels, in  a motion seconded by the Branch Secretary.

 

This council believes

9.     The long term future of the APF is as a fund that is divested from fossil fuels and one that ensures a wide range of investments in renewable energy, energy efficiency technologies, energy storage and smart energy technologies, and other types of investments that will benefit the city and its future residents;

10.     Council recognises that a carbon neutral city will create substantial, valuable new jobs in the future sustainable economy.

11.  That the investment strategy and policies of the APF should be brought into line with this vision of the future inclusive  prosperity and sustainability of the city;

12.  The APF should be leading this process of divestment and diversification, not waiting until the likelihood of stranded assets become more of a risk to the wealth of the fund;

13.  The process of divestment and diversification is also important and should be managed in a way that ensures just transition to new employment, supporting skills development for new sectors and a range of opportunities - with backing from WECA.

 

This council therefore resolves to call on the Mayor

14.  To meet with the head of the Avon Pension Fund to discuss the divestment of funds over the next 5 years and the review of the fund’s ESG policies  

15.  To promote the diversification of the fund into clean technologies that support renewable energy, energy efficiency and energy storage among other investments that are in line with such policies and the city’s goals for 2030;

16.  To liaise with fund members in the city and council unions to explain how this secures future prosperity and pensions income while ensuring a just transition for workers in sectors that will change, and helps achieve a carbon neutral city by 2030.

 

Martin Fodor

Redland Ward Green party Councillor

Cleo Lake launches GiveNTech campaign to tackle digital exclusion

Cleo Lake launches #GiveNTech campaign to tackle digital exclusion

Green Councillor Cleo Lake has launched a campaign to redistribute unused IT equipment to tackle digital exclusion during pandemic

Protecting renters shouldnt mean that renters pay more

‘Protecting renters’ shouldn’t mean that renters pay more

Green Councillor Carla Denyer has responded with alarm to Labour’s ‘five-point plan to protect renters’, which would require struggling tenants to take an economic hit, rather than landlords.

Trace every case of coronavirus to save lives

Trace every case of coronavirus to save lives

Bristol’s Green Party councillors have called for a new local emergency workforce to “contact trace” new cases of coronavirus to be ready for when the country emerges from lockdown. They call for a local system of testing, contact tracing and quarantine which would enable us to take control of the deadly coronavirus, save lives and avoid further lockdown. The call follows a Green report (1) on the issue published earlier in the month and increasing calls from public health officials for Government to rethink its centralized approach which puts too much focus on a tracing app without the wider system of support needed. (2)

People need clean safe air now more than ever  Greens call on Mayor to rethink delays

“People need clean, safe air now more than ever” - Greens call on Mayor to rethink delays

Bristol’s Green Councillors have questioned the Mayor‘s calls to delay the start date of Bristol’s Clean Air Zone next year, pointing to mounting evidence that air pollution is linked to greater fatalities from Coronavirus

Green Councillors more funding needed for coronavirus support

Green Councillors: more funding needed for coronavirus support

Bristol Green councillors have joined Green councillors from across the country demanding urgent funding for local authorities to tackle the coronavirus crisis.

Coronavirus Bristol Greens call for calmer streets and more space for social distancing

Coronavirus: Bristol Greens call for calmer streets and more space for social distancing

Bristol’s Green Councillor group have today (Wednesday April 15) called on Bristol Council to look into road space reallocation and traffic calming measures to combat coronavirus.

Information and support in Bristol

Information and support in Bristol

Coronovirus (COVID 19) – what we all need to know We must stay at home to protect the NHS and save lives. Only go outside for food, health reasons or work (where this absolutely cannot be done from home). If you have to go out stay 2 metres (6ft) away from other people. Wash your hands as soon as you get home. Do not meet others, even friends or family as you can spread the virus even if you don’t have symptoms.

We will continue to work hard for you

We will continue to work hard for you

We have all been affected in different ways by the coronavirus pandemic, but it is the most vulnerable across our city who continue to be impacted the most.

A defunct plan for a bygone era  regional authority approves roadbuilding plans

A defunct plan for a bygone era” - regional authority approves road-building plans

Last Friday (20 March) the West of England Combined Authority (WECA) approved a transport plan that will fund new road building projects across the region but commits no funding for public transport or walking and cycling schemes.

Greens lift the ban on asylum seekers working

Greens: 'lift the ban' on asylum seekers working

Green Councillors call for end to illogical ban on asylum seekers supporting themselves

Council heading in wrong direction on climate emergency

Council heading in wrong direction on climate emergency

Over a year after Bristol Council’s declaration of a Climate Emergency, Green Councillors say the Labour administration are making a series of bad decisions that will only make the emergency worse.

Mayors inaction on air pollution  plans delayed again

Mayor's inaction on air pollution - plans delayed again

Letter on the Mayor's inaction on air pollution from Green Group leader Eleanor Combley

Labour cabinet pass potentially illegal transport plan

Labour cabinet pass 'potentially illegal' transport plan

Last night Bristol’s Labour cabinet passed a regional transport plan that Greens warned is incompatible with the climate emergency and may be illegal under the UK’s climate commitments.

Greens criticise lack of action as climate and transport proposal is blocked

Greens criticise lack of action as climate and transport proposal is blocked

Green councillors have criticised what they called a “business as usual” approach as Labour and Tory councillors voted down a Green amendment to tackle Bristol’s transport issues and reduce carbon emissions.

Green Party welcomes Greta Thunberg to Bristol

Green Party welcomes Greta Thunberg to Bristol

Greta Thunberg has announced she will be visiting Bristol on Friday 28 February to join a Youth Strike 4 Climate demo.

Green budget amendment tackles transport and climate crisis

Green budget amendment tackles transport and climate crisis

Green Councillors have submitted an amendment to next week’s Council budget meeting to deal with Bristol's gridlocked transport system and boost the Council’s work to tackle the climate emergency.

Regions Transport Plan must be changed in light of Climate Emergency

Region’s Transport Plan must be changed in light of Climate Emergency

Green Mayoral candidate, Climate Emergency leader, and UWE transport expert call on the Metro Mayor and Council leaders not to approve the Joint Local Transport Plan in its current form next month, stating that proposed new roads will worsen the climate crisis and congestion.

Bristol Airport expansion plans rejected

Bristol Airport expansion plans rejected

Press Release from Bristol Airport Action Network (BAAN), one of the key campaigning organisations .

Chocolate Path melts into river after council fails to act

Chocolate Path 'melts' into river after council fails to act

Green Councillors have accused Bristol's Labour administration of “enormous incompetence” for failing to carry out important works to repair Bristol’s ‘chocolate path’ long after funding was approved in September 2018, leading to its recent collapse and the closure of Cumberland road.

Why we need to tackle the ecological emergency too

Why we need to tackle the ecological emergency too

Carla Denyer writes for 24/7 about why we need to address the Ecological Emergency as well as the Climate Emergency

Greens to join march against Bristol Airport Expansion

Greens to join march against Bristol Airport Expansion

Bristol Green Councillors will be joining a march taking place 31 January in the city against the expansion of Bristol airport, as the planning decision in North Somerset draws nearer, with the date now set for 10 Feb.

Council passes Green motion to reboot democracy with Citizens Assemblies

Council passes Green motion to ‘reboot democracy’ with Citizens' Assemblies

At Full Council today (14 January) a Green Party motion passed to ‘reboot democracy’, committing Bristol to trialling participatory democracy schemes such as citizens’ assemblies.

Mayor continues to support airport expansion

Mayor continues to support airport expansion

Despite growing pressure from climate activists, local councils and Greens, Bristol’s Labour Mayor Marvin Rees continues to back the expansion of Bristol Airport, a development Greens say is incompatible with Bristol's own carbon neutrality targets.

Reboot democracy with Citizens Assemblies

'Reboot democracy' with Citizens' Assemblies

Green Councillors in Bristol have proposed putting decision making on some major issues in the hands of ordinary Bristolians through ‘Citizens’ Assemblies’ and other forms of participatory democracy.

Bristol Labour block opportunity to oppose airport expansion

Bristol Labour block opportunity to oppose airport expansion

Labour and Tory councillors voted against providing time to debate the Green motion in what could be the last chance for the council to make a statement before the planning decision at North Somerset Council.

Rescuing Our Healthcare  with 6 billion per year

Rescuing Our Healthcare - with £6 billion per year

We will push the government to prioritise the health and happiness of those in Bristol and across the UK.

Green Party Manifesto  to tackle Climate Emergency and deliver Social Justice

Green Party Manifesto - to tackle Climate Emergency and deliver Social Justice.

A Green New Deal to tackle the Climate Emergency and deliver Social Justice.

One year on from declaring a Climate Emergency  is Bristol on track

One year on from declaring a Climate Emergency – is Bristol on track?

One year after declaring a Climate Emergency in Bristol, Greens say new information from environmental group shows the city needs to radically step up action to meet climate targets.

Green candidate Carla Denyer will be only Unite to Remain candidate in Bristol West

Green candidate Carla Denyer will be only ‘Unite to Remain’ candidate in Bristol West

Greens bid to win Bristol West  launch crowdfunder

Greens bid to win Bristol West – launch crowdfunder

Candidate Carla Denyer has launched a crowdfunder campaign aiming to raise enough funds to take the seat from Labour. Greens in strong position to win after Euro results place them ahead of Lib Dems, and Labour suffered devastating electoral defeat.

We use cookies on our website to improve your experience, by using our website you accept the use of these cookies. Read More Close