We need to keep fossil fuels in the ground to avert a climate crisis. If it’s wrong to wreck the climate, it’s wrong to profit from that wreckage.
The purpose of the pensions working group is to understand and seek to remove the political obstacles to fossil fuel divestment within the West Midlands Pension Fund (WMPF), and to call for an urgent review of WMPF’s social responsibility policy that preferences engagement over exclusion (divestment).
It has already been acknowledged that investing in fossil fuels results in reduced returns compared to not investing in fossil fuels for members of the WMPF. There is also the potential for stranded assets as more and more investors choose divestment as the best possible option, not only to ensure better returns on their investments but also because of the opportunity to invest that money in new green industries instead. The CLP’s position is that City of Wolverhampton councillors should vote that WMPF divest the estimated £320 million it has in the fossil fuel industry, reflecting the wishes of the majority of voters who wish for a new green future—one which does not promote global warming, but which seeks to minimise climate change.
The working group is convened by Carol Hyatt. If you want to get involved, you can reach her at email@example.com.