This statement calling on the Leicestershire Pension Committee to divest the Leicesterhsire LGPS from fossil fuels is specifically for groups and organisations in Leicestershire, Leicester and Rutland to sign. The text of the statement your group would be signing is at the bottom of this page.

Why publicly stop investing in fossil fuels?

Given Britain’s large economy, stock market and political position in the world, the UK government has the opportunity to be visionary in eliminating fossil fuel use which is a main driver of the climate crisis.

Unless world coal, oil and gas production is swiftly and very substantially reduced by 2030, emissions from these fossil fuels will push global temperature rise past 1.5^oC and the world into catastrophic climate change. This means that new fossil fuel projects must be stopped and existing production must be halved by 2030, and virtually eliminated by 2050.

The business model of coal, oil and gas companies is built on the production and sale of fossil fuels. Without legislation, these companies are not phasing out fossil fuel production fast enough to prevent catastrophic climate change. Our government urgently needs to legislate to ensure swift fossil fuel phase out occurs, and to encourage other countries to do the same.

Renewable energy production and use is growing exponentially and will inevitably result in fossil fuel investments becoming increasingly risky as fossil fuel assets become stranded and worthless. However this is not happening fast enough to prevent catastrophic climate change and needs supportive legislation. While renewable energy investments are increasingly appealing, fossil fuels investments are increasingly risky for pension funds.

The continued investment of funds in fossil fuel companies, especially by public bodies like Local Government Pension Schemes, sends a message that fossil fuel exploration and production continue to be acceptable. This exploration and production is the major cause of the climate emergency many organisations have declared, including our government at national, city, county and district levels. Public divestment from these companies, alongside a call for public regulation of the fossil fuel industry, removes this public licence. This in turn incentivises the UK and world governments to rapidly put in place the essential fossil fuel regulation needed to prevent the world from heating more than1.5^oC. It also signals to fossil fuel companies that fossil fuel exploration, extraction and production must be rapidly phased out.