Thursday 14 December 2017

Brent councillors urged to attend fossil fuel divestment event January 27th

This is a welcome initiative taking place on Saturday 27th January 2018 10.30am to 1pm at Brent Civic Centre.

Please urge your councillors to attend. BOOKING
Brent Council & Labour Energy Forum invite Labour Councillors and members to come and discuss how divesting from fossils fuel can shape Labour's role in leading on safer pensions and climate action.

With May 2018 local council elections approaching Labour councils should consider their position on continued investment in the fossil fuel industry.

Over £14 billion of LG Pension Funds holdings are invested in oil, gas and coal - but these investments are no longer financially sustainable. Mark Carney, Governor of the Bank of England, has warned that investments into fossil fuels will become stranded assets and contribute to financial instability.

As Labour Groups write their manifestos for the 2018 elections, we invite Labour councillors to come and consider how your local council should move forward in light of the growing consensus of fossil fuels holdings becoming stranded assets. We will interrogate the best approaches to achieving a world unpolluted by the fossil fuel industry, and how to reduce risk while maximising strategic influence over individual companies and the oil/gas/coal extraction sectors.

In September last year, Waltham Forest Council became the UK’s first Local Government Pension Scheme to announce that they will divest their Pension Funds away from fossil fuel companies over the coming 5 years, followed by Southwark Council in December. The place of fossil fuels in the world economy is changing. The Paris Agreement set the UK’s economy on a pathway to taking serious action on climate change that will require significant changes to our economies - changes that are incompatible with the business models of fossil fuel extraction companies. Come and discuss how Labour councils can maximise influence in shaping the transition while minimising the exposure to stranded assets.

The Labour Party can lead in building this new future and laying out how we make this transition just, fast and affordable. Divesting the £14 billion of LG Pension Funds away from fossil fuels would enable reinvestment into local housing and transport, strengthening local economies and supporting job creation.

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