On 19 August 2021 we emailed CPF following the UN IPCC report describing climate extremes as a “Code Red for Humanity” published as a warning ahead of COP26. We asked how CPF will respond to this critical IPCC report.
Since declaring a climate emergency in 2019, the UK’s developed oil and gas reserves have increased by 800 million barrels of oil and gas.
A Report in September 2021 by NFLA, shows that local authorities who declare “climate emergencies” are still not taking action by DIVESTING the fossil fuel investments in the council pension funds they control.
Divestment by all UK council pension funds from their fossil fuel investments is becoming a major issue for COP26 in 2021 at Glasgow
In our campaign for an AGM, and CPF investments, we look at “greenwash” and “sustainababble”, and list the clear contradictions of climate emergencies and carbon footprints:
- In 2020 CPF invested in Rio Tinto just as it attracted global condemnation for its destruction of 46,000 year old caves at Juukan Gorge in Australia.
- In 2021 the national report by DIVEST UK showed how CPF had invested over £63 million in Fossil Fuels.
ClientEarth has written to the CEOs of 17 banks that provide financial and/or advisory services to Siccar Point and Royal Dutch Shell, the companies seeking approval to develop the Cambo oil field in the North Sea. The letter raises the issue of how the banks’ provision of services to these companies is compatible with the banks’ net-zero commitments and best available science, the fiduciary duties of their directors, their prudent management of climate risks, the banks’ broader legal and regulatory obligations, and shareholder expectations.
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