Climate change activists staged their deaths at Glasgow City Chambers.
Climate change activists have acted out their deaths at Glasgow City Chambers as a protest against the council’s pension fund investments in climate polluters.
The protest, carried out by Extinction Rebellion Glasgow, follows an investigation into the fund by environmental groups Divest Strathclyde, Fossil Free Glasgow and Friends of the Earth Scotland.
Their investigation revealed that the Glasgow City Council-managed Strathclyde Pension Fund (SPF), which provides pensions to 11 councils in the west of Scotland, has an estimated £709 million invested in fossil fuel companies such as BP and Shell.
One investment of £8 million in BP was made just months after the council declared a climate emergency in May 2019.
Campaigners say the investments are at odds with the council’s ambitions to be a “global leader” in tackling climate change.
Geraldine Clayton, campaigner with Divest Strathclyde and SPF member, said: "Our pension funds are meant to be all about planning for the future. Every pound currently being invested in fossil fuel companies is funding activity that is endangering our future. How can Glasgow claim to be addressing the climate emergency when the council pension fund is invested in climate polluters?
"We need to take our money out of fossil fuel and invest it instead in renewable energy and other sustainable industries."
Extinction Rebellion Glasgow’s Margaux Marshall added: “The Strathclyde Pension Fund consistently charts in the two top largest investors in fossil fuels amongst the UK’s public pension funds.
“With the UN Climate talks coming to Glasgow in November, all eyes will be on the city to show climate leadership. We hope this major civic institution will act in the interests of current and future pensioners, as well as for the wellbeing of all, in committing to divest from fossil fuel companies."
Cathel Hutchison from Fossil Free Glasgow called for the SPF to take a “more sustainable course” in its investments.
He said: “We challenge them to follow in the footsteps of institutions such as the Rockefeller Brothers Fund, by committing to re-invest in companies working to reduce pollution, create innovative renewable energy solutions, and support a just transition at home and in developing countries."
An SPF spokesman said: “The fund is continuing to develop how it measures and analyses its carbon exposure and will fully integrate this with its financial modelling. This will allow it to set clear objectives on climate change and steer future investment.”
The council has announced it will debate the issue on 4 March.
