From Divest Brent
Divest Brent yesterday organised, as street theatre, a symbolic tug of war with Brent Pension Fund being pulled between the big oil companies, who are anxious to keep their place in the Pension Fund’s portfolio, and the rest of us who believe that in a climate emergency the Pension Fund should not be financing climate break-down. Although light-hearted there was a very serious point behind the event.
In July 2019 Brent Council declared a climate and ecological emergency and committed to do all in its gift to strive for carbon neutrality by 2030.This declaration did not extend to Brent’s billion-pound Pension Fund because the Fund looks after the pensions of Council staff. The Fund has made some progress with investment into a low-carbon fund (but this is only 3% of the Fund) and a Net Zero Roadmap charting a course which should eventually lead to divestment. But global warming is indeed a climate emergency as recognised by the Council and we do not have time for the Roadmap to run its course.
We are supportive of the Roadmap - but we are asking for a more rapid divestment from the fossil fuels which are so much to blame for the emergency. Many things are not in the Council’s power but this action is!