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Over £70m still invested in fossil fuels by BCC

Protesters will be at Bucks County Council today.

Published by Dan Gooding at 5:44am 28th February 2020. 3-minute read.

Over £70m still invested in fossil fuels by BCC

Campaigners unhappy with where pensions have been invested will protest at Buckinghamshire County Council today.

Extinction Rebellion Aylesbury Vale say they council have over £70-million invested in fossil fuels and want to know why action hasn't been taken to change that.

In a statement, the group said:

"These holdings are not only contributing to disastrous levels of global heating but are also pose a serious financial risk to their pensioners as the shares may suddenly plunge in value when the world moves away from fossil fuels as Mark Carney, Governor of The Bank of England, has warned.

"Two of the government pension schemes invested alongside BCC have already taken action on this.

"The Environment Agency has almost completed moving its pension fund out of fossil fuels and Wiltshire County Council has started to do this. Oxfordshire CC is likely to start the process this year.  

"Why is Buckinghamshire dragging its feet?"

Buckinghamshire County Council's Cabinet Member for Resources John Chilver said:

"As a responsible employer, Buckinghamshire County Council has a duty to act in the best interests of its employees and to seek the best possible financial returns with regards to pensions investments.

"We recognise the concerns raised regarding pension investments into fossil fuels and are committed to acting on these concerns but it is not possible to impose a 'quick fix' solution.

"I can confirm that Buckinghamshire's Pension Fund assets are in the process of being transitioned to a new investment partner, the Brunel Pension Partnership, an organisation that clearly voices its commitment to being responsible investors, recognising the need to take into account the whole range of environmental, social and corporate governance factors, including climate change as part of the process of selection, non-selection, retention and realisation of assets.

"As an organisation we remain committed to prioritising actions to reduce carbon emissions and supporting initiatives addressing climate change."

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