Derbyshire transition towns join together to launch divestment campaign
By rob hopkins 2nd November 2015
Seven Derbyshire Transition Town groups have joined together with other organisations to launch a Divest Derbyshire campaign. to get Derbyshire Pension Fund to dis-invest from fossil fuels. A month before the UN Climate Change Conference in Paris, the groups are calling for Derbyshire County Council to freeze any new investments and dis-invest from existing investments in fossil fuels within 5 years. The pension fund has £290 million invested in fossil fuel companies.
The group has today launched an online petition which will be circulated across Derbyshire and hopefully reach as many employee members of the pension fund as possible. The link is here. With world leaders meeting next month to discuss how to avert global catastrophe, the group want Derbyshire to show its commitment to protecting the planet through this small but impactful action.
The group also argue there are sound financial arguments to divest from fossil fuels. Fossil fuels create risks for investors if they become stranded assets (worthless fuel stocks that regulation will prevent from being burned). There is already evidence of investments in fossil fuels resulting in reductions in the value of pension funds.