The money divested from fossil fuels could be reinvested in housing and renewable energy to ensure greater financial returns and local benefit, Gwent Green Party Welsh Assembly candidates say.
Following the historical climate deal reached in Paris at the start of this month to curb climate change globally, the Wales Green Party has voiced concerns over the continuing investment of pension funds in fossil fuels in Wales. The Wales Green Party’s campaign draws attention to the precarious situation of keeping pension funds tied into fossil fuels.
The outgoing leader of the Wales Green Party and the lead candidate for Newport West, Pippa Bartolotti, said: “Here in Newport, the council’s pension fund has £105,306,000.00 invested in fossil fuels. This is a huge amount of money, and in fact we could now get a better financial return if we invested in more ethical funds. COP 21 agreed to keep planet warming to under 2 degrees, and the signal has been given to industry to invest in renewable energy.
She highlighted that “Welsh council pension funds will soon be vulnerable to losses unless the change is made.”
Andrew Creak who is standing for the Welsh Assembly in Caerphilly and represents Wales Green Party, said: “I am campaigning for divestment in Wales as I believe that Wales should face up to its responsibility to fight climate change. Wales also has an economic responsibility to provide sustainable growth to its citizens. The money invested in fossil fuels is being sent away from the local area. If it was reinvested in local projects the local economy here in South Wales would benefit immensely.”
Bartolotti, who is looking forward to being able to focus on local issues in Newport after finishing her term as Wales Green Party leader added: “As lead candidate for South Wales East, I am campaigning for a healthy economy, and divesting from fossil fuels is a crucial part of a modern economic landscape. The money divested from fossil fuels can be reinvested in renewable energy and housing, benefitting local people.”
The Wales Green Party assembly candidates and members in Gwent will be appealing to their local councillors to stop their pension providers investing in fossil fuels. Gwent Green Party members are urging Newport to take lead in sustainable investment of pension funds.