We the undersigned petition Westminster City Council to Divest City of Westminster Borough from Fossil Fuels. More details
1. Freeze any new investment in the top 200 publicly-traded ff companies 2. Divest from direct ownership and any commingled funds that include ff public equities and corporate bonds within 5 years.
Why is this important?
The 33 London local authorities’ pension funds are investing £2 billion in ff companies, averaging 6% of their total pension investments. Westminster with 8% of its total pension invested in ffs is among the 10 London councils with the highest % investments.
Local authorities in the UK led the way on divesting from apartheid in the 1980s. They can do so again to challenge climate emergency.
Moral Argument - Financial Argument – Public Benefit Argument
Pensions are for our and our families’ future. But that future is threatened by ff extraction. It is also a financial argument. When governments take climate crisis seriously and legislate to leave ffs in the ground, shares in ff will become worthless. Funds which don’t invest in ffs often perform as well or better than ff heavy funds, so divestment does not mean that existing pension funds lose out. Invest in renewables instead.
ff = fossil fuels