Protests over council investing pension money in fossil fuels

East Sussex Pension Fund holds Brighton and Hove City Council’s pensions and has coal, oil and gas investments.

Climate campaigners from Divest East Sussex staged demonstrations at Brighton and Hove town halls while wearing American Revolution-style tricorn hats as councillors debated fossil fuel investments.

The debate took place a Brighton and Hove City Council meeting at Hove Town Hall last night.

Green councillor Hannah Clare secured backing for a motion at the meeting of the full council to ask for a two-year timeline to divest from fossil fuels.

The motion also called for the council to support the call for a “fossil fuel non-proliferation treaty”

• READ MORE: Call to end council pension investments in fossil fuels

And a report is now due to go to the council’s policy and resources committee about the options for removing Brighton and Hove City Council pensions from the East Sussex County Council scheme.

Other cities such as Sydney, Los Angeles, Toronto, Barcelona and Cambridge – and locally Lewes Town Council – had supported the treaty, she said.

It commits countries to end the expansion of oil, gas and coal production, phase out existing production fairly and invest in renewable energy.

Cllr Clare said: “I would like this council to join calls for nations to come together and come up with a plan.

“The treaty focuses on a just transition. We often say there is no resolution to climate justice without social justice. With today’s announcement of the rising cost of fuel bills, this has never felt more urgent.”

Green councillor Siriol Hugh-Jones said that the pension scheme’s remaining pot of money in fossil fuels was small and “played with” by a couple of fund managers.

Many of the protesters wore three-pointed hats

She said: “Members of the fund outside this chamber would be astonished and shocked to know that their hard-earned pension funds were invested in an industry that is destroying biodiversity and polluting our land and sea and has been for decades.

“Even if you’re not prepared to listen to the science, you watch David Attenborough and remain unmoved. You might be concerned about your pension losing value because of being invested in stranded assets.”

Labour councillor Carmen Appich backed the non-proliferation treaty and the call for divestment in the East Sussex County Council pension scheme.

She said: “There are a number of authorities who are now supporting divestment across the county and across the political spectrum.

“We could ask our one representative on the pension board to demand a detailed work plan towards such divestment and towards positive investments into green and renewable energy projects across the county and across the region.”

• READ MORE: Campaign group calls for end to investments in fossil fuel companies

Cllr Appich advised against withdrawing from the fund, though, because it would be fraught with legal difficulties.

Conservative councillor Joe Miller said that the motion was a waste of time and his group would abstain.

He said that the pension board invested in what was best and took advice from experts – and councillors should not want to pensioners to lose income because of poor investment choices.

Cllr Miller said: “Fossil fuel investments are becoming less secure. I’m sure the investment fund is investing more in green technology going forward and green finance.

“I’m sure we’ll see more of that. I don’t think the pension committee needs to be instructed by Brighton and Hove City Council to do so. There’ll be a natural diversification anyway.”

In total, 22 councillors voted in favour of the motion, with 12 abstaining.