Star date: 24th September 2015

DINOSAUR VISITS GREATER MANCHESTER PENSION FUND

Today a giant dinosaur visited the Droylsden office of Greater Manchester Pension Fund to demand that the fund pulls its money out of investments in fossil fuels. Virtually everyone who works for a public authority in Greater Manchester pays into the fund, including Salford Council workers.

Data released today reveals that the Fund has £1.3 billion of public money invested in fossil fuel companies like Shell and BP, the largest amount of any local authority. "They are investing in the past" says one fund member "Fossil fuels are a dinosaur industry destroying the planet."

Full details here...

As revealed in 2013, Greater Manchester Pension Fund (GMPF) was found to have invested in fracking company IGas (see previous Salford Star article – click here). Today, it has been revealed that the Fund - which holds pensions for virtually all local authority employees in Greater Manchester - has a massive £1.3 billion of public money invested in fossil fuel companies like Shell and BP (£261million and £269 million respectively).

The research - by 350.org, Platform, Friends of the Earth and others - shows that:
GMPF has 9.8% of its pension fund invested in fossil fuels; that it's investing £477 per resident in fossil fuels; and that it has the largest amount invested in fossil fuels of any local authority pension fund in the country, and the fourth highest percentage of fossil fuel investments.

To illustrate the point, campaigners took a giant dinosaur to the offices of the GMPF in Droylsden this afternoon, calling on the Fund to divest from investments in fossil fuels – because they are bad for the planet and a bad investment...

"Greater Manchester led the industrial revolution on the back of fossil fuels – and now it's time for us to lead the world out of the fossil fuel era" said Fossil Free Greater Manchester spokesman Chris Smith "At a time when smart investors around the world are already ditching underperforming fossil fuel stocks, the fund risks becoming an investment dinosaur. As local residents we'll be calling on the Greater Manchester Pension Fund to stand on the right side of history and divest from fossil fuels."

Greater Manchester Pension Fund member, Nigel Rolland added: "I am glad to be here today to tell Tameside Council and the Greater Manchester Pension Fund that I have been a pension fund member for over 25 years and I don't want our money invested in fossil fuels. The fund claims to be investing in our future, but they are investing in the past. Fossil fuels are a dinosaur industry destroying the planet."

Recent analysis found that California's public pension funds, CalPERS and CalSTRS, incurred a combined loss of over $5 billion in the last year alone from their holdings in the top 200 fossil fuel companies. This data, available at www.gofossilfree.org/uk/pensions , offers residents of Greater Manchester information to ask why their Council is choosing to invest in risky coal, oil and gas.  Instead, the fund could reinvest the money into building new homes, clean renewable energy or public transport, claim campaigners.

Indeed, Oxford and Bristol City Councils have already made fossil free commitments, joining forty cities internationally and larger institutions like the Norwegian Government Pension Fund. There are 389 institutions globally - including universities, faith groups, health groups and governments - that have committed to divest.

The revelations about GMPF come on the same day that Department of Energy and Climate Change (DECC) has published statistics covering the second quarter of 2015, showing that, from April to June, renewables generated 25.3% of UK electricity. 42% of this came from onshore and offshore wind. Wind generated 10.7% of the country's needs. 

For the first time in a quarterly period, renewables beat coal, which generated 20.5%. Renewables also outperformed nuclear which provided 21.5%. DECC said this was due to higher wind speeds and increased capacity, with generation increasing by 61.5% onshore and 70.4% offshore compared to Q2 2014. Overall renewable electricity generation increased by 51.4% compared to the same quarter last year. Gas provided 30%.
 
"Renewables have now become Britain's second largest source of electricity, generating more than a quarter of our needs" says RenewableUK's Chief Executive Maria McCaffery "The new statistics show that Britain is relying increasingly on dependable renewable sources to keep the country powered up, with onshore and offshore wind playing the leading roles in our clean energy mix.
 
"As the transition to clean electricity continues apace, we'd welcome clearer signals from Government that it's backing the installation of vital new projects" she adds "So far, we've had a series of disappointing announcements from ministers since May which unfortunately betray a lack of positive ambition at the heart of Government. If ministers want to see good statistics like we've had today continuing into the years ahead, they have to knuckle down, listen to the high level of public support we enjoy, and start making positive announcements on wind, wave and tidal energy."

To sign the Manchester Friends of the Earth petition calling on GMPF to divest from fossil fuel companies – click here

All photos by FOE