September 18, 2021

Strathclyde Pension Fund: Protesters in Glasgow demand action on tainted investments.

Strathclyde gathered outside the council’s headquarters yesterday to keep up pressure on the pension fund’s demand to clean up its investment portfolio.

The controversial retirement vessel was inherited. Council The dysfunctional Strathclyde now maintains a valuable stake in the regional authority and in the polluting firms.

It has promised to distribute funds to fossil fuel companies that hold shares such as Shell and BP, but protesters in the city center on Monday said it was not doing enough.

Friends of the Earth supporters. Scotland And Davis Strathclyde gathered outside the city chambers and said there were a number of issues with the update to a council committee that manages the fund.

Reck Lander of Friends of the Earth Scotland said: “Fund members, community workers and the City Council have called for a plan to separate the Strathclyde pension fund from destructive fossil fuel companies. Instead, they come up with ideas, and to see them flush it out, it’s really fun.

Glasgow councilors recently backed a move to withdraw funds from fossil fuel companies.

But a document that councilors are due to read on Wednesday – the last time the Pension Fund Committee meets before COP26 – has caused controversy.

Workers claim that this makes it much easier for fund managers to maintain investments in polluting firms and does not set a timeline for action.

Mr Lander added: “When the Pension Fund Committee examines the proposal on Wednesday, they should ask how the policy can be made effective and meaningful, contributing to the climate action of which Glasgow is proud. May be.”

Davis Strathclyde’s Isla Scott said: “After years of engagement policy by the fund, it is clear that fossil fuel companies, which still planning Many places around the world are lobbying governments to maximize oil and gas production while greenwashing their ongoing pollution and curbing climate action.

A spokesman for the Strathclyde Pension Fund said: “It is gratifying that campaigners acknowledge that our direct investment in industries such as oil and gas is already declining. That is our investment in clean, renewable energy. There are more than that.

“Meanwhile, the fund’s exposure to oil and gas is less than half the percentage of our passive equity that it was just five years ago – and the fund is closing at a two-thirds reduction in total value.

“The Strathclyde Pension Fund is one of the first pension funds to approve the distribution as a tool to deal with firms that are not involved in the climate crisis.”

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