Harringay, Haringey - So Good they Spelt it Twice!
Haringey's pension funds in fossil fuels - petition
Haringey was one of the first local councils to start moving its pension funds away from coal and oil - but it still has significant holdings in fossil fuels.
The Pensions Committee has agreed to reconsider this in March. We want to get 1,000 signatures before January - we now have 630 (mainly on paper). If you agree climate change is a major threat and we shouldn't be investing in climate destruction, please sign your local Friends of the Earth petition
https://actionnetwork.org/petitions/tell-haringey-finish-the-job-on...
Replies to This Discussion
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Permalink Reply by Michael Anderson on
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But it will. Global pension assets are worth 39.5 trillion dollars (with 77% of that sum is held by funds in the USA, the U.K., Australia and The Netherlands) and pension funds are currently major investors in these industries.
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I don’t think you’ve grasped this. Not investing in fossil fuels doesn’t mean investing in renewables unless they are going to benefit the fund. The money can be reinvested in areas the fund managers wish to recommend.
no idea how it goes down over cocktails as I don’t drink, rarely visit Muswell Hill and haven’t been inside City Hall for about 20 years.
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So no worse than we are now but not investing in polluting industries?
The move to greater opacity in fees will see the same improvements in performance that has been seen in countries where this is a legal requirement. You know what you are paying for. They know what they have to do to earn it.
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Permalink Reply by JHauptman on
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Grasped what exactly? I said they have a 20% holding in a Low-Carbon Equity fund, and have another 5% of the total fund allocated to 'Renewables Infrastructure'.
These allocation shifts were made last year. They were not made to improve returns because there is zero evidence that performance has been or will be better than the existing investments. In fact, there is compelling evidence to the contrary (comparing past performance of the two indices)
The funds have, by definition, been ring-fenced so are not to be available for fossil fuel related investment.
I didn't suggest there were NO fossil fuel investments in the entire fund. I suggested that a shift had occurred. It is a quite significant shift in terms of magnitude.
As I have said previously, this petition and movement represent tokenism. It can effect no real or meaningful change. What it can do is provide an unhelpful political overlay to the investment process.
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Permalink Reply by Michele on
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I am a member of the Pension scheme and have signed and distributed the pension to all my friends to sign too. Haringey claims to be acting to reduce carbon emissions!
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