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£141m investment in fossil fuels criticised

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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.

 

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Penrhyn-coch Brownies compose song

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PENRHYN-COCH Brownies were congratulated for composing a new Welsh language song recently. The workshops were part of a program of Welsh language workshops organised by Cered – Menter Iaith Ceredigion.

Following a series of workshops with the young singer, Mari Mathias from Talgarreg, the girls decided to compose a song. ‘Yn yr Haf’ was recorded with the girls singing and Mari on the guitar. All the group members received a copy of the song on CD.

Rhodri Francis, Cered’s Development Officer said: “It has been a pleasure to work with the group and we congratulate members on their masterpiece. Thanks also to the leaders for their enthusiasm in securing opportunities for the members to socialise in Welsh outside of school hours.”

Cered’s main aim is to support, influence and develop the use of the Welsh language in Ceredigion through partnership and co-operation, to establish the best possible foundation for the development of the language in the society and community.

Wendy Reynolds, leader of the Brownies unit in Penrhyn-coch said: “The experience has been amazing for the girls and they’ve had a lot of fun doing activities through the medium of Welsh.”

Follow all the news about the wider work of Cered, through liking the Facebook page @ceredmenteriaith or follow on Twitter @MICered.

For more information on Cered, phone 01545 572350 or email cered@ceredigion.gov.uk.

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Theatre caravan coming to Aberystwyth

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THE SMALLEST cinema in a theatre caravan will be on the Promenade in Aberystwyth for three Saturdays this summer.

Staff from Ceredigion Museum, together with the Friends of Ceredigion Museum, will be hosting a series of free entertaining events in and around the theatre caravan on July 28, August 4, and August 11 between 12pm and 4pm.

Sarah Morton, the Events Organiser for Ceredigion Museum said, “We have a series of short local films from the National Film and Screen Archive which links to our summer exhibition relating to the seaside at the museum, in the old Coliseum Theatre. The two minute films show people on the beach and promenade in Aberystwyth as well as Y Borth. We will also have singing from the Showtime Singers to add to the entertainment.

“We will be situated in and near the bandstand and hope to be able to bring some of the traditions of a typical coastal break back to life.”

Besides the theatre caravan, there will be a Guess-the-Object held in the bandstand with museum staff to aid in identifying the mystery objects.

For more details about the caravan and the entertainment, contact Sarah Morton at Ceredigion Museum on 01970 633088

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Surprise presentation for retiring cook

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AFTER feeding hundreds of children in her role as cook at Ysgol Eglwyswrw for the past 40 years, Mrs Anona Williams is finally hanging up her apron. But there was a shock in store for Mrs Williams when she arrived at the school for one of her last days at work on Tuesday (Jul 17).

Cameras from the S4C magazine programme, Heno, were present to capture her receiving a special award from music conductor and presenter, Alwyn Humphreys.

She started at her post in 1978 and during that time has fed three generations including her own niece and nephew and great-niece and great-nephew.

Headteacher, Edryd Eynon, said Mrs Williams would be sadly missed.

“We will miss her delicious meals and her caring nature,” he said.

“She spoils all the children and is like a grandmother to them. Her contribution to the school is priceless.

“She ran the breakfast and the Cook It clubs and ensured all pupils had an exciting experiences working with food and preparing many delicious recipes.

“Every sports day she would prepare and donate coffee, tea and her famous scones and all the money she raised would be given to school funds. She did this for 40 years.

“Mrs Williams will be sadly missed at Ysgol Eglwyswrw not only for her delicious food – especially her pizza and coleslaw – but also for her caring and loving character. We wish her all the best for the future.”

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