Delight for campaigners as BCP Council Urge Dorset Pension Fund to Divest from Fossil Fuels

On Tuesday night, BCP Councillors used their last meeting before May’s elections to ask the Dorset Pension Fund, to move ‘all remaining energy investments in the pension fund to sustainable energy investments by the end of 2024’. Effectively this means, stop funding fossil fuels, go invest in renewables.
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Campaigners from Dorset Action on Pensions who have supported the efforts are delighted with the outcome. They pay tribute and thanks to the BCP Councillors who brought the motion and to the Council for their commendable decision.

Cllr Dr Felicity Rice who instigated the matter said ‘The support for this motion demonstrates how public opinion has dramatically changed in the last couple of years.  It is now essential that the Dorset Pension Fund moves our investments away from fossil fuels as quickly as possible, so that they do not risk our employees’ investments becoming worthless, and stuck in oil and gas that is not going to be used.  I also find it crazy that we have been using BCP residents’ money to invest in fossil fuels, which will cause flooding and coastal erosion to many areas in Dorset that those same residents know and love.  The sooner money is moved away from fossil fuels, the better.’

Cllr Chris Rigby who seconded the motion highlighted the further benefits  ‘BCP council has committed to being carbon neutral by 2030, and this includes the carbon footprint of its investments.  Therefore, this is an easy way for BCP council to reduce its carbon footprint in a fairly simple and very low-cost way’.

The decision by BCP reflects a growing trend in fossil fuel divestment. This month insurance giant Aviva announced they would move £2.5 billion away from fossil fuels, and in October 18 University Pension Funds pledged to divest £18 bn worth of fossil fuel investments.