Bedfordshire Pension Fund asked to disinvest in fossil fuel firms
Neighbouring local authorities are urged to follow Luton Council's lead
Two neighbouring local authorities will be asked to copy Luton Borough Council’s leadership and urge the Bedfordshire Pension Fund to disinvest its holdings totalling nearly £40m in fossil fuel firms.
There were requests at a full council meeting for Central Bedfordshire and Bedford Borough to follow suit.
Presenting an urgent resolution on the issue, Labour Lewsey councillor Aslam Khan said: “This is a very important motion for us about our environment and human life.
“Burning fossil fuels has generated the energy to propel our vehicles, for our businesses and to keep the lights in our houses.
“Even today oil, coal and gas provides about 80 per cent of our energy needs and we’re paying the price for it.
“Global banks not only continue to finance the fossil fuels industry, but they’re providing it with more money than ever before.
“We’ve a responsibility to make a change and speed up that journey to alternative sources of energy.
“Renewable energy is cleaner, greener and safer and will create more jobs,” he explained. It can potentially be even more profitable.
“We, the Labour Party, demand an end to all investment in fossil fuel projects.
“We want the government to immediately pause fossil fuel investment overseas, engage with companies to commit to keeping the vast majority of their oil, gas and coal stocks in the ground.
“Stop exploring for more reserves and rapidly transition to become renewable energy companies.
“We need to show leadership on the climate change emergency and ensure our pension funds aren’t funding climate disaster.
“As part of our commitment to reduce the impact on the planet and to ensuring our town is carbon neutral by 2040 we’re asking for cross party support for the council to commit to calling on the Bedfordshire Pension Fund to disinvest from fossil fuels.
“Immediately cease any investment in the 200 trading fossil fuel companies,” he added.
“And actively seek to invest in firms that will reduce greenhouse gas emissions, and minimise and mitigate climate risk, as well as undertake an assessment of its investment portfolio with a view to disinvest in institutions which are coal, oil and gas companies by 2023.”