'Jeopardising the future' - Sir David Attenborough on 'crazy' planet wrecking fossil fuels after concerning West Sussex revelation

UK Divest has released the latest figures of council pension fund investments in fossil fuels.

"These show that WSCC still invest £19 million in planet wrecking fossil fuels,” the Worthing Climate Action Network (WCAN) said.

"We have been campaigning for WSCC to divest the pension fund from fossil fuels for seven years.

"In that time carbon emissions have risen, causing global temperatures to soar, the speed of change alarming even climate scientists.

"There are deadly floods, wildfires and extreme temperatures around the world, including in the UK, where recent floods have killed several people and temperatures hit 40 degrees C for the first time in 2022.”

Broadcaster and conservationist Sir David Attenborough, 97, said: “It is crazy that our banks and our pensions are investing in fossil fuels, when these are the very things that are jeopardising the future we are saving for.”

West Sussex County Council has issued a statement in response.

A spokesperson said: “The West Sussex pension scheme is run on behalf of more than 200 employers covering more than 80,000 people locally. The West Sussex Pensions Committee’s investment strategy includes a commitment to making sustainable and responsible investments.

“Currently 0.5 per cent of the £5.2billion portfolio is invested in companies which have fossil fuel exposure (as of February 2023).

"The Pension Committee has invested all its equity investments (which equates to half of the total portfolio) in strategies which either have objectives consistent with the Paris Agreement or which excludes fossil fuel companies.

"The fund has also invested £250m in a core infrastructure fund which has significant exposure to renewable energy globally – which supports the transition to a lower carbon future.

“At all times the appointed investment managers (on behalf of the Pensions Committee) actively engage with companies on matters including environmental risks and concerns.”

Emma Cameron, WCAN chairman, said the council has a ‘duty to act in the best interests of the pension fund members’ – including ‘helping to secure their future in a rapidly heating world’.

She added: “There is no moral or financial justification for continuing to invest in fossil fuel companies. Fossil free investments now regularly outperform those that include fossil fuels.

“We are in a climate emergency. We need our leaders to act and do everything possible, as soon as possible, to get away from fossil fuels.”

Dereck Prentis, pension fund member, said: “As a pensioner with WSCC Pension Fund I do not want my pension invested in fossil fuels. It is irresponsible, morally wrong and financially imprudent – but it seems we have no say in the fund’s decisions.

"International bodies such as the IPCC & UN clearly state that to limit global warming to 1.5°C there can be no new investments in oil, gas and coal.

"Yet, in 2023, fossil fuel companies are still expanding their oil & gas production. Having worked with children and young people with special needs for many years. I don’t want my pension to contribute to jeopardising their future or that of my children and grandchildren, or indeed anyone around the world.

"Engagement isn't working. Divestment is the only course to take. WSCC must ditch fossil fuel investments.”

Another pension fund member Rod Thick, a retired local government officer, said: “I'm very unhappy that the fund is investing in fossil fuels.

"The climate crisis is worsening each day; therefore, the pension should be looking to the long-term future and investing into ethical and responsible funds, not fossil fuels that will cause unimaginable suffering to future generations.

"Students have already campaigned and won over many universities to divest. Surely WSCC should do similar for the sake of young people paying into our scheme.”

Rob Noyes, divestment campaigner and researcher at Platform, said: “Investments in dirty fossil fuels turn public sector savings into fossil fuel playthings, pumping billions of pounds through the pensions pipeline into climate-wrecking fossil fuels.

"This money is syphoned from workers’ wages and squandered, when it should be fuelling the green and just transition that we so desperately need. Polluters are profiting at pensioners' expense. To catch-up on climate, councils must stop using pensions to prop up this deadly industry.”