In response to a new report revealing Lambeth Council holds more than £59m in fossil fuel stocks Lambeth Green Party has called for the council to once more divest, with Green mayoral candidate Sian Berry criticising the “short-sighted investment”.
Lambeth Green Party today renews its call for Lambeth Council to rid its pension fund of investments in fossil fuels.
Green Party Leader Natalie Bennett (left), Green Assembly Member Jenny Jones (central) and Green Party Mayoral Candidate Sian Berry (right) pictured at the Green Party mayoral announcement, photograph courtesy of Rachel H.
It follows the release of a report revealing the council to hold more than £59m in fossil fuel stocks, out of a total pension fund of a billion pounds. This works out to £190 for every single resident in the borough.
£24.5m of this is invested in oil and gas companies contributing to climate change and respiratory illnesses linked to air pollution.
Locally, air pollution is estimated to cause over 100 deaths each year in Lambeth, with Brixton Road exceeding the nitrogen dioxide (NO2) hourly limit value more times than any other site in London in 2014. By the end of January this year it had already exceeded the EU annual
limit for all of 2015.
Such investments also present a long-term financial risk to both savers and taxpayers and have recently led to considerable losses to pension funds.
In 2014 Oxford City Council became the first local authority in the country to pledge to make no direct investments in fossil fuel companies for ethical reasons.
Lambeth Green Party Councillor Scott Ainslie said: “The burning of fossil fuels is outdated and dangerous. Divestment of these stocks would show that Lambeth Council takes the health of its residents seriously and is committed to supporting the global fight against climate change.
“Other local authorities have already done so, proving that it is possible. Reinvesting in renewable energy, green transport and social housing that serves Lambeth residents is the responsible
thing to do.”
Green Party mayoral candidate Sian Berry said: “Pensions are all about the future and fossil fuels are an incredibly short-sighted investment all public pensions should avoid. Investing in new green industries would help get London’s economy ready for the long term, creating jobs that benefit local communities and greater resilience at a time when our city is increasingly vulnerable to the changing climate.”