MASS data released this week by Pembrokeshire Friends of the Earth (Oct 30) reveals that Pembrokeshire Council (as part of the Dyfed Council Pension Fund) has £64.8million of public money directly invested through workers pension funds in fossil fuel companies like BP and Shell with a further projected £76.5million in indirect fossil fuel investments.
The research shows that Pembrokeshire County Council has over 8% of its pension fund directly invested in fossil fuels, and money is invested into multinational fossil fuel companies including BP, Shell and BHP Billiton
Eleanor Clegg of Friends of the Earth said: “Many people working for Pembrokeshire Council will be concerned to learn that their future is tied up with such a risky and polluting industry. When governments do act to prevent dangerous climate change, the business model for fossil fuel companies will be over, and that day is fast approaching. And, if oil and gas companies keep on drilling in their final days, it will make climate change far worse – it is the right decision both financially and ethically for Pembrokeshire County Council to divest as soon as possible.”
This is the first time that the £231 billion investments of local government public money have ever been broken down and released publicly, and their exposure to fossil fuels quantified. The data shows that overall the 192 councils in the UK have £14 billion invested in fossil fuels via their pension funds. Three quarters of these direct fossil fuel shareholdings are in only ten companies, headed by BP and Shell.
80% of fossil fuel reserves need to remain in the ground to avoid catastrophic climate change. Consequently, there has been growing concerns about the long-term financial risks of fossil fuel investments. A recent analysis found that California’s public pension funds, CalPERS & CalSTRS, incurred a combined loss of over $5 billion in the last year alone from their holdings in the top 200 fossil fuel companies.
Friends of the Earth said in a statement: “This data offers the residents of Pembrokeshire the information they need to ask why the Council is choosing to invest in risky oil, gas or coal. Instead the Council could reinvest this money into building new homes, clean renewable energy or public transport.”
Eleanor Clegg also told The Herald: “Most fund members and taxpayers won’t be happy to learn that their money is funding climate change. As local residents we’ll be calling on the council to stand on the right side of history and divest from fossil fuels.”
She added: “Oxford and Bristol City Councils have already taken a lead in making fossil free commitments, joining 40 cities internationally and larger institutions like the Norwegian Government Pension Fund. There are 389 institutions globally – including universities, faith groups, health groups and governments – that have committed to divest. Local residents who would like to join the local campaign to convince Pembrokeshire Council to divest from fossil fuels should get in touch.”
A spokesman for Pembrokeshire County Council said in response: “Many commentators from the public and media get confused with the fact that it is the Dyfed Pension Fund and not Carmarthenshire, Pembrokeshire or Ceredigion individually. All investments are on behalf of the Dyfed Pension Fund – not any individual employer. There are approximately 50 employers in the fund.”
The spokesman added: “The Dyfed Pension Fund Statement of Investment Principles (SIP) details the Fund’s ‘Social, Environmental and Ethical Considerations’. Paragraph 5 states: The Pension Panel recognises that social, environmental and ethical considerations are among the factors which investment managers will take into account, where relevant, when selecting investments for purchase, retention or sale. The managers have produced statements setting out their policies. The managers have been delegated by the Panel to act accordingly.
“The Pension Fund is a member of the Local Authority Pension Fund Forum (LAPFF), which is one of the leading voices in corporate governance and responsible investment in the UK.
“Before making investments in fossil fuel companies the investment managers assess a wide range of factors, including, the political stability of the region where its reserves lie, the financial regimes it operates in, the life and quality of its reserves, its operational record, quality of the management, its financial strength, sensitivity to volatile energy prices and its market valuation.
Investigation into remains found at Aberaeron property continues
POLICE say the surrounding the discovery of remains of a body, at a house in Aberaeron, is ongoing.
On Monday, March 12, Dyfed-Powys Police received a report concerning the welfare of two women from the Aberaeron area.
On police attendance at the property one woman was taken to hospital, where she remains.
Searches of the property proved difficult due to the conditions inside.
On Monday, March 19, remains of a body were found.
Police believe the body had been there for some time. The complex investigation in to the circumstances is ongoing and the death is currently being treated as unexplained. H.M. Coroner has been informed but formal identification has not yet been carried out.
The second person, Mrs. Gertrude Gaynor Jones, known locally as Gaynor, currently remains outstanding and is being treated as a missing person until her whereabouts are confirmed. Anyone with information that could help police with their enquiries is urged to speak to police officers in Aberaeron, either by calling 101 or visiting Aberaeron Police Station.
Sushi company nominated for national awards
A SUSHI company based in Ceredigion has been nominated for two awards.
Swshi, which was started in 2016 by Sion and Rhiannon Tansley, offers the sushi through mobile and pop-up business.
The business has been dominated in the Food Awards Wales 2018 for the Best Street Food and Takeaway of the Year categories.
The pair gained their experience with sushi from roles as head chef and senior manager for the largest sushi restaurant chain in the UK.
The pair then moved to Ceredigion and felt there was a gap in the market for high quality sushi.
Two years of Active Travel improvements worth £336,750 completed in Cardigan
WORK has recently been completed by Ceredigion County Council to widen the footway on Pont y Cleifion Road, which sees the culmination of a two year package of grant-funded Active Travel improvements in Cardigan.
Deputy Leader of the Council, Councillor Ray Quant MBE, Cabinet Member with responsibility for Technical Services said, “I’m delighted that grant funding of £294,575 has been received from the Welsh Government’s Local Transport Fund over the two year programme. Coupled with financial contributions also made by Ceredigion County Council and Cardigan Town Council, the total value of this package scheme amounted to £336,750 to benefit the well-being of residents of Cardigan town. Further potential improvements have been identified by Highways Officers and these will be developed next year with a view to future implementation and construction.”
During the first year, the improvements were concentrated in the vicinity of Cardigan Primary School, which saw the introduction of a new 20 mph zone with traffic calming, wider footways, upgraded crossings and a new path to the swimming pool. A new cycle shelter and two new scooter shelters were installed at the primary school to help encourage more Active Travel journeys and less car trips. This was aided further by providing two brand new scooters and helmets which the school have used for pupils to earn ‘Scooterer of the week’.
The second year saw a 20 mph zone and traffic calming implemented outside Cardigan Secondary School, again with wider footways and new raised table crossings to aid pedestrians and mobility users. A new cycle shelter was installed to encourage pupils and staff to cycle to the school. The scheme included completion of the ‘missing’ footway link to the other side of the road on Aberystwyth Road with new resurfacing which has improved pedestrian connectivity and user comfort.
A new pedestrian refuge was also installed in the carriageway to aid crossing on Aberystwyth Road. The footway on Pont y Cleifion road was previously narrow and unsuitable for pushchair or mobility users due to the lack of dropped kerb provision. However the recent construction works have brought this section of footway up to modern design standards and provides a better quality Active Travel link between the town centre and the Parc Teifi Business Park.
Councillor John Adams-Lewis, Local Member for Mwldan ward and Chair of governors for Cardigan Primary School added, “I’m pleased that Cardigan Town Council has supported these improvements financially which has resulted in a number of footway enhancements in the town, especially at both our school locations which have benefited from road safety improvements and reduced speed limits. I would also like to thank Ceredigion County Council for their financial contributions and to Highways Officers for securing this grant funding and for overseeing these high quality works.”
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