Search

Protesters are bringing a pollution monster outside council offices for this reason

PUBLISHED: 17:26 10 May 2017 | UPDATED: 09:19 12 May 2017

Divest organisations will be parading their fossil fuel monster around London this weekend

Divest organisations will be parading their fossil fuel monster around London this weekend

Archant

The monster will arrive on Saturday morning

Divest Bexley members will be protesting the council's pension spending on fossil fuel companiesDivest Bexley members will be protesting the council's pension spending on fossil fuel companies

Councils investing in fossil fuel companies are about to be visited by protesters armed with a makeshift pollution monster.

Environmental group Divest Bexley will be outside the council offices in Bexleyheath on Saturday after it was revealed millions of pounds of the council’s pension fund is invested into fossil fuel companies.

Last year £38million of Bexley council’s pension pot was staked into such companies.

Figures from March suggest the figure has now dropped to £27million, making up around three per cent of the overall fund.

But for Divest Bexley, that figure is too high.

“Given Bexley is right on top of the Thames, areas like Erith and Thamesmead are seriously at risk when it comes to climate change and rising sea levels,” said Abbey Wood campaigner Sam Martin.

“The borough is in a flood risk area, so if climate change continues the way it is, Bexley stands to lose among the most in London medium to long-term.

“We’re trying to encourage councils to be responsible with their investments and not support these companies who’s business is in climate change, there are some that will try and change their business models, but we’re looking at fossil fuel companies.

A council spokesperson said: “Our Pensions Committee has a duty to get the best investment return that it can to secure future pensions for the staff that belong to the fund and to limit the liabilities of employers in the fund, such as the council and a number of local schools.

“However, it also aims to address the financial risks posed by climate change through the expertise and knowledge of its external investment managers.

“These investment managers work within the committee’s policy on socially responsible investment. This says the committee expects them to engage actively with the companies in which they invest to encourage them to adopt practices and procedures on social, economic, governance and environmental matters which meet all legal requirements, reflect good practice and provide sustainable competitive advantage, as well as protecting the company and its shareholders from harmful publicity.”

The protest is scheduled to take place this Saturday at 11am.


If you value what this story gives you, please consider supporting the Bexley Times. Click the link in the orange box above for details.

Become a supporter

This newspaper has been a central part of community life for many years. Our industry faces testing times, which is why we're asking for your support. Every contribution will help us continue to produce local journalism that makes a measurable difference to our community.

Comments have been disabled on this article.

Latest from the Bexley Times