Submission Documents: By Councillor Kim Long:- "Council: recalls its previous support for a transformative Green New Deal to respond to the climate and ecological emergencies; believes that a Green New Deal for the city region will require massive investment, and that the Council's own pension investments could play an important part in that; recognises that the Strathclyde Pension Fund supports low carbon initiatives through its direct investment portfolio, but is concerned that the Fund retains large holdings, worth in excess of £500 million last year, in fossil fuel industries that are driving the climate and ecological emergencies and perpetuating global inequalities; notes the Council's fiduciary duty as administering authority for the Strathclyde Pension Fund must be paramount in all decision making around the pension fund. Further notes the calls made over many years from campaigners on the issue of fossil fuel divestment and notes that many other major public and private institutions have already made and acted on commitments to fossil fuel divestment, demonstrating leadership on the climate emergency at the same time as protecting the long-term interests of their individual investors; believes that in the year of the COP26 climate summit, when the eyes of the world will be on Glasgow, the city and its institutions must show climate leadership; and therefore: resolves to write to the Strathclyde Pension Fund Committee, asking that it make a formal commitment to fossil fuel divestment prior to COP26, with the intention of divesting completely as quickly as possible, and no later than 2029; and that it further considers how it can reinvest the Pension Fund Members' hard-earned money to drive a green recovery for the Glasgow region." Help Icon

This is the list of documents available for the submission By Councillor Kim Long:- "Council: recalls its previous support for a transformative Green New Deal to respond to the climate and ecological emergencies; believes that a Green New Deal for the city region will require massive investment, and that the Council's own pension investments could play an important part in that; recognises that the Strathclyde Pension Fund supports low carbon initiatives through its direct investment portfolio, but is concerned that the Fund retains large holdings, worth in excess of £500 million last year, in fossil fuel industries that are driving the climate and ecological emergencies and perpetuating global inequalities; notes the Council's fiduciary duty as administering authority for the Strathclyde Pension Fund must be paramount in all decision making around the pension fund. Further notes the calls made over many years from campaigners on the issue of fossil fuel divestment and notes that many other major public and private institutions have already made and acted on commitments to fossil fuel divestment, demonstrating leadership on the climate emergency at the same time as protecting the long-term interests of their individual investors; believes that in the year of the COP26 climate summit, when the eyes of the world will be on Glasgow, the city and its institutions must show climate leadership; and therefore: resolves to write to the Strathclyde Pension Fund Committee, asking that it make a formal commitment to fossil fuel divestment prior to COP26, with the intention of divesting completely as quickly as possible, and no later than 2029; and that it further considers how it can reinvest the Pension Fund Members' hard-earned money to drive a green recovery for the Glasgow region.".

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Name Type of Document Access View Document
Item Minute - 01 April 2021 Minute Public Open Document in PDF Format
(128 KB)

 

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