Campaigners celebrate Islington Council's decision to divest from fossil fuels
Following the announcement on Friday that Islington Council is to divest from investments in fossil fuel companies, climate change campaigners in our borough are urging Enfield Council to follow suit.
There were two main reasons for last week's decision by Islington Council: they do not wish pension fund money invested in coal, gas and oil to become "stranded" as the world moves away from a carbon-based economy; and, more importantly, they wish to contribute to global efforts to keep the earth’s temperature from rising by more than 2°C.
For a safe climate, clean energy and future-proof pensions
Georgina Bavetta of the Divest Enfield campaign says that Enfield Council should take heed: “Islington Council’s decision piles even more pressure on Enfield Council. When will they announce plans to divest the £60 million they hold in investments in fossil fuels?
“Residents are responding to our campaign – they want Enfield Council to take action for a safe climate, for clean energy and for future-proof pensions that are free of increasingly risky fossil fuel divestments.
“Islington have taken a step to future-proof their pensions. We urge Enfield Council to speak to their colleagues in Islington and follow their lead.”
Blocking attempts to stop climate change
The global fossil fuel divestment movement believes that fossil fuel companies are using their money, power and influence to block every serious attempt to stop climate change. The act of divestment aims to toxify their reputation and build political support for climate action. Institutions worth a combined $6.24 trillion US dollars have already committed to divest. Prominent divestment supporters include Archbishop Desmond Tutu.
A warning from the Governor of the Bank of England
Fossil fuel investments are increasingly risky because action on climate change could render them worthless – creating ‘stranded assets’ that cannot be burned safely. These warnings have come from serious financial commentators including the Governor of the Bank of England, Mark Carney.
Also last week, the Mayor of London, Sadiq Khan, signed a joint letter with the Mayor of New York, Bill De Blasio, calling on all cities to divest from fossil fuels.
