UNISON is disappointed that Strathclyde Pension Fund Committee has deferred a decision about their major investments in fossil fuels.
Instead, the committee merely agreed to an assessment of energy sector companies to see if they meet a set of undefined minimum standards.
Strathclyde is the largest Local Government Pension Fund in Scotland, with over £27 billion on behalf of 250,000 fund members in Glasgow and the West of Scotland. Around £500 million of this is invested in fossil fuel companies. The decision to defer was taken by Glasgow City councillors.
UNISON regional organiser Simon Watson said: “We are facing a climate emergency and we all have to take responsibility. Investing in fossil fuels is ethically unsustainable and a financial risk to workers’ futures. Strathclyde is the biggest pension fund in Scotland, and those who pay into their pensions expect the custodians of the fund to take this into account.
“Councillors enter politics to represent the hopes of local people and to make a difference. Today they fell short of the mark. With the COP26 UN climate summit coming to Glasgow this year, it would be an embarrassing failure of leadership if Strathclyde Pension Fund does not take decisive action to rid itself of fossil fuel investments.”
Notes
UNISON is the largest trade union in local government in Scotland.
UNISON Contacts
Simon Watson, regional organiser with lead for pensions: 07903 055477
Danny Phillips, communications officer: 07944 664110