Since 2015, Nottingham Friends of the Earth has been supporting a campaign to persuade Nottinghamshire Pension Fund to get its investments out of fossil fuel companies. This followed warnings from the Bank of England that over two thirds of proven reserves of coal, gas and oil are "literally unburnable" if we are to limit the impact of climate change. Read More >
Nationally, the campaign is supported by 350.org and Friends of the Earth. Unison's 2017 AGM agreed to launch a campaign. Client Earth and Share Action have issued warnings to pension funds over the need to consider the financial risks of climate change:
- 350.org Fossil Free UK divestment campaign
- Friends of the Earth divestment campaign
- Client Earth warning and Share Action support for action on climate change
- Unison/Share Action guide to Divest from Carbon Campaign
A new report from Friends of the Earth reveals that many local authority pension funds, including Notts, are not doing enough to reduce the financial risks of climate change. Notts is taking almost no action to protect members' funds.
The report looked at 19 large local authority funds. Notts came in the bottom category of 'laggard'. The report says: "Their failure to act is a breach of their fiduciary duty." Read More >
As at March 2018, Nottinghamshire Pension Fund (Notts PF) invests over £5bn on behalf of more than 136,000 members. Over £300m is in fossil fuel companies, over £200m of this in fracking companies.
At the Fund AGM in October 2018, members asked questions about the failure to divest from fossil fuels, or even to provide an analysis of the financial risk of climate change. Read More >
A new Divest Fracking report shows how much each local authority pension fund has invested in companies involved in fracking (published September 2018). It shows Nottinghamshire had over £200m in fracking companies such as Shell, BP, BHP Billiton and Rio Tinto. Read More >