The right direction but too vague and too slow.
Fossil Free Greater Manchester today responds to the Greater Manchester Pension Fund’s formal response to its campaign for full divestment of the Fund from the fossil fuel industry. While the Fund has acknowledged the risks, financial and environmental, from climate change and indicated that it will eventually move to a “net zero carbon” portfolio of investments, the campaign says that it’s proposals for “partial divestment”, though welcome, are too vague and too slow.
You can read the statement from Fossil Free Greater Manchester, and see how you can add your voice to their call, by clicking this link.
As Fossil Free Greater Manchester point out, it must be a bit embarrassing for the GM Mayor to have the country’s dirtiest pension fund in his patch when he is hosting a Green Summit (next Tuesday) to “achieve carbon neutrality for the city region as early as possible”. This is hardly credible if our pension investments continue to fund yet more fossil fuel exploration and extraction when we all know that more than 80% of known reserves cannot be burnt, if even greater climate chaos than we witness already is to be prevented.