End Croydon Council's support of fossil fuels

Tony Newman, Leader of Croydon Council

Divest_fossil_fuels2

We are calling on Croydon Council to:

1. Immediately prevent any new investments in companies involved in extraction, promotion or sale of fossil fuels by Croydon Council Pension Fund or Croydon Council itself; and

2. Divest from direct ownership and any commingled funds that include companies involved in extraction, promotion or sale of fossil fuels within 12 months.

Climate change is one of the greatest threats facing humanity. It is real and it is happening now.

We know that one of the biggest contributors to climate change is humans burning fossil fuels. If we are to keep to the aims of the Paris agreement and keep global warming to less than 2°C above pre-industrial levels then we have to leave 80% of known fossil fuel reserves unburnt.

Increasing the threat of climate change or trying to profit from increasing the threat is clearly not a responsible use of public funds. Responsible investors should therefore withdraw their support from every company that is involved in extracting, promoting or selling fossil fuels.

Croydon Council's pension fund currently has around £40m invested in fossil fuel companies such as Chevron, ExxonMobil and Shell. Croydon Council should take a stand and divest our money from fossil fuel companies.

Divestment from fossil fuels would make a powerful statement that the fossil fuel industry is morally and economically unviable, and that the people of Croydon wish to support a sustainable energy future.

To: Tony Newman, Leader of Croydon Council
From: [Your Name]

We are calling on Croydon Council to:

1. Immediately prevent any new investments in companies involved in extraction, promotion or sale of fossil fuels by Croydon Council Pension Fund or Croydon Council itself; and

2. Divest from direct ownership and any commingled funds that include companies involved in extraction, promotion or sale of fossil fuels within 12 months.

Climate change is one of the greatest threats facing humanity. It is real and it is happening now.

We know that one of the biggest contributors to climate change is humans burning fossil fuels. If we are to keep to the aims of the Paris agreement and keep global warming to less than 2°C above pre-industrial levels then we have to leave 80% of known fossil fuel reserves unburnt.

Increasing the threat of climate change or trying to profit from increasing the threat is clearly not a responsible use of public funds. Responsible investors should therefore withdraw their support from every company that is involved in extracting, promoting or selling fossil fuels.

Croydon Council's pension fund currently has around £40m invested in fossil fuel companies such as Chevron, ExxonMobil and Shell. Croydon Council should take a stand and divest our money from fossil fuel companies.

Divestment from fossil fuels would make a powerful statement that the fossil fuel industry is morally and economically unviable, and that the people of Croydon wish to support a sustainable energy future.