Petition Calls For Divest Of Pension Fund

Wednesday 13th July 2016

eastbourne buzz news - Divest Petition

A five-metre-long petition signed by over 300 people from across East Sussex, has been handed into County Hall.

They’re calling for the County Council to divest the East Sussex Pension Fund from oil, coal and gas. There is currently an estimated £172million invested in fossil fuels in the county.

Andy Durling from Eastbourne & District Friends of the Earth said, "Investments in oil, coal and gas are not only damaging the balance of our climate but also pose serious financial risks to investors, including many local pension holders. Last year the Governor of the Bank of England, Mark Carney, warned that investors face 'potentially huge' losses from climate change action that could make vast reserves of oil, coal and gas 'literally unburnable'. Over 500 institutions, representing over $3 trillion in assets, have already committed to ditch their investments in these dirty fuels. That's why hundreds of people from around East Sussex are now calling on East Sussex County Council to follow these institutions' lead and divest the East Sussex Pension Fund of its holdings in oil, coal and gas."

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