Will Swansea be the first Welsh council to divest from fossil fuels?
News from Swansea Friends of the Earth: Fossil Fuel Divestment
Earlier this year Swansea FOE approached the Pension Fund Committee of Swansea Council demanding they stop investing in fossil fuels which currently stands at £99.5 million!
On 15th September, members of the committee responded favourably to our proposals and instructed their officers to prepare a report on developing such a policy. The earliest this can be considered is at the next committee meeting on 7th March 2017.
In order to show the committee there is strong support for divestment, if you have not already done so, we would urge you to sign our e-petition at Divest City and County of Swansea Pension Funds from fossil fuel investments. This gives you full details of the arguments for you to consider before you sign (Scroll down to Swansea to find our petition).
Our campaign is part of an international movement started by Bill McKibben of 350.org who the campaigned for American Universities to divest from fossil fuels. It has been so successful it has spread around the world!
Here in the UK 41 of universities have already agreed to divest from fossil fuels, including Swansea’s own Wales Trinity St. David! Friends of the Earth only started using the same approach with local councils last year and already three council pension funds have made the decision to divest, including Waltham Forest. We are hoping Swansea will be the first Welsh authority to join them.
To find out more about the International Divestment Movement view “Do the Math”
at Do the Math – The Movie.