Stop funding fossil fuels

It's time to stop investing in unethical funds to send a powerful message to the fossil fuel industry that we’re taking the climate emergency seriously. After all, we can’t fight climate breakdown while funding the very companies driving it.

What is divestment?

Divestment (or disinvestment) is the opposite of an investment; it simply means taking money out of stocks, bonds, or investment funds.The global movement for fossil fuel divestment is asking institutions to move their money out of oil, coal and gas companies for both moral and financial reasons.

 

Why is it important?

Fossil fuels - coal, oil and gas - are the main driver of climate change.  If we want a healthy, safe climate we need to leave remaining fossil fuels in the ground. Unaccountable fossil fuel companies like BP, Shell and BHP Billiton are doing the opposite.  Mining and exploration is unlocking more carbon from the earth thereby driving climate change whilst also polluting sensitive environments and ecosystems and destroying the livelihoods of local people around the world. Furthermore, as economies move to sustainable energy sources, the value of investments in fossil fuel extraction and exploitation will diminish. It is wise to divest now, before the carbon bubble bursts.

 

What are we doing?

Friends of the Earth Cymru is part of the Fossil Free UK movement and in Wales we are calling on Local Authorities and public bodies to move their investments and pension holdings out of dirty energy as part of a global campaign for fossil fuel divestment.

Since launching our campaign, we have seen councils such as Cardiff, Powys, Monmouthshire, Carmarthenshire and Ceredigion vote to divest their funds from fossil fuels. This hasn’t always led to action however as various Local Authority Pension Funds (LAPFs) in Wales have been slow to act.

It’s not all bad news though as since the start of our campaign, the 8 LAPFs in Wales have reduced their fossil fuel investments from over £1billion to approximately half that amount, the Welsh Senedd Member’s Pension Scheme has agreed to divest and the Church in Wales has also agreed to ditch fossil fuels.

Recent research does however show that the 8 LAPFs still have around £500 million invested directly or indirectly in fossil fuels. This is of course £500million too much!

Many places around the world are leading the way and worldwide it is estimated that funds totalling over $14 trillion have gone fossil free.

Friends of the Earth local groups and others are calling for responsible investment and a divestment from fossil fuels.

It's time to get Welsh pensions and public money out of fossil fuels!
 

Campaign update (September 2021)

Interestingly, it’s not just Local Authorities that pay into these 8 LAPFs in Wales. Whilst they may be the biggest contributors in their areas, they are by no means the only bodies. Other organisations such as community councils, colleges and volunteer bureaus to name but a few, also pay into these pension funds and as such also have a role to play in asking their own pension funds to divest.

We are now asking all these organisations to support our call for their pension funds to take their money out of fossil fuel companies.

We will be keeping an up to date list of organisations who have agreed to divest in the following pages.

 

What can you do?

If you are interested in helping to divest Wales please contact Bleddyn Lake on [email protected]. Bleddyn will put you in touch with your nearest Friends of the Earth group or help you to start your own local group to work on the issue.

You can also write to your local councillor to ask them to take action to clean up their local government pension scheme. Click here to download some guidance.

 

 

Share this page

Want to make something happenGet Involved or Send us a Donation