Call for Clwyd Pension Fund to ditch fossil fuels

A climate change activist challenged councillors to lobby its pension fund managers to ditch fossil fuel investments.
Sue Lewis, representing Extinction Rebellion and Friends of the Earth, made the plea in a question to the authority’s finance lead, Cllr Julian Thompson-Hill, during full council on Tuesday.
During the discussion it emerged £22.4m of the Clwyd Pension Fund was dedicated to fossil fuel investments, around 1.2% of the near £2bn pot. Fund trustees look after the pot on behalf of council employees in Denbighshire, Flintshire and Wrexham.
The fund conducted a recent consultation on its responsible investment policy and promised to set a carbon reduction target within 12 months – and implement it within five years.
However Ms Lewis said this was not fast enough could leave the fund vulnerable if investments in fossil fuels “took a rapid downturn”.
She asked: “Will Denbighshire follow Welsh Government and fellow councils in Cardiff and Carmarthenshire to say it will disinvest its pension fund of fossil fuel investments within 12 months?
“It would tell the public we mean business.”
Cllr Thompson-Hill said it was not a resolution that could be passed today because it would need to go through the proper process.
He added: “It’s possible we could make such a resolution. It’s not within our gift to insist upon it but I see no reason why such a resolution could not be made.”
A public meeting at County Hall this evening (Tuesday) where presentations on carbon reduction, carbon capture and biodiversity, in line with the council’s push to become carbon neutral by 2030, will include an open question and answer session.

By Jez Hemming – Local Democracy Reporter