Photo: Kate Truitt
Cardiff Council has invested an astonishing £27.6 million of public money directly through their workers pension fund in fossil fuel companies like BP and Shell. With a further £77.6 million estimated to be invested in fossil fuel companies through investment funds.
Cardiff Council employees will be appalled to learn that the Cardiff and Vale of Glamorgan Pension Fund has invested so heavily in the dangerously polluting coal, oil and gas industries. This puts their retirement prospects at serious risk.
Concerted action by Governments to prevent climate change by switching to renewable fuels will end the fossil fuel company's business model, leaving their shareholders out of pocket.
Continued drilling and mining by fossil fuel companies will make climate change far worse. It would be the right decision both financially and ethically for Cardiff Council to sell their shares as soon as possible.
80% of current fossil fuel reserves need to remain in the ground to avoid catastrophic climate change. As a result there are growing concerns about the long-term financial risks of fossil fuel investments.
Overall the pension funds of the 192 councils in the UK have £231 billion invested. Of this. £14 billion is invested in fossil fuels. Three quarters of these direct fossil fuel shareholdings are in just ten companies, headed by BP and Shell.
The find out more about UK local authority fossil fuel invesments on the Fossil Free UK website.