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.
Future of The Pembrokeshire Herald newspaper secured
THE COMPANY, which runs the Pembrokeshire Herald newspaper in west Wales, says it has secured an eleventh-hour investment to prevent the company from going into administration.
On Friday, The Herald’s management announced that a decision had been made to cease trading after a key investor pulled the plug – but now a deal has been struck with a new investor, which will secure the future of The Pembrokeshire Herald weekly print title, as well as three other news websites.
At least ten of the 24 staff working at The Herald have been told that they will keep their jobs following confirmation of the investment.
Herald News UK Limited has entered into a six-figure cash-for-shares agreement with Spanish advertising firm Rigographic Espana.
Its CEO, Ricardo Rigobon, who has 20 years experience in publishing and advertising, said that The Herald deserved to be saved.
He said: “As a campaigning newspaper, The Pembrokeshire Herald has served its customers well over the last six and a half years. Its circulation is strong, and the website is extremely popular. I believe with the new reduced costs business model we can secure the future of the newspaper.
“The Llanelli Herald and The Carmarthenshire Herald will continue online.”
Managing Director of Herald News UK Limited, John Hammond said that he was delighted that the future of the firm, and almost half the workforce was now secure.
He explained: “We have worked tirelessly over the weekend to get the necessary financing in place since our original investor pulled out. As a result of those efforts, we have now got a new partnership with a long-established firm in our industry.”
Editor of The Pembrokeshire Herald, Thomas Sinclair said: “I am excited that we have been given a new opportunity. It’s not a time for celebration as we still have colleagues who have lost their jobs. However, for the remaining team we now have a get on with the job of reporting the news and getting the papers out each Friday.”
Herald publisher ceases operations
HERALD NEWS UK LTD, the company which prints The Pembrokeshire Herald, The Carmarthenshire Herald and The Llanelli Herald has ceased operations.
Editor of Pembrokeshire Herald, Thomas Sinclair said: “After finalising today’s paper to go to print yesterday, a meeting was held last night. It was confirmed that the expected further investor funding would not be made available for the company.
“This meant that operations need be halted as the businesses was not able to pay its ongoing costs.
“At 10am today the 24 members of staff working at the newspaper have today been given notice of redundancy.
“We are absolutely devastated that after nearly 7 years and hundreds of editions of the paper we can no longer continued.”
“I would like to think that over those years, some of the stories we have written have made a difference to Pembrokeshire and beyond.”
Director of Herald News UK Limited, John Hammond said: “The company accountant could be appointing administrators as soon as next week.”
“The Owners of The Pembrokeshire Herald came to the conclusion last night during a finance meeting that the venture is no longer financially viable.
“Whilst every conceivable effort has been made to improve the financial situation of the business, we have to face the fact that there is no way that we can now continue in a solvent position.
“Whilst there has been a slow decline in readership of local newspapers, our costs for wages, printing and transport have substantially increased.”
“We would like to thank all of our loyal readers and staff.”
<img class=”wp-image-51343 size-large” src=”http://pembrokeshire-herald.com/wp-content/uploads/2019/03/herald2-1024×678.jpg” alt=”” width=”740″ height=”490″ /> Community: Herald titles were campaigning newspapers<img class=”wp-image-51344 size-large” src=”http://pembrokeshire-herald.com/wp-content/uploads/2019/03/herald3-1024×565.jpg” alt=”” width=”740″ height=”408″ /> Popular: 45,000 people read Herald titles each week in west Wales
Theatr Felinfach Performing School presents CAMAU
OVER the past few months enthusiastic members of Theatr Felinfach Performing School have been developing new skills through a series of masterclasses with Theatr Genedlaethol Cymru.
The members have been busy creating material through scripting, directing, choreography, clog dancing, folk dancing and much more. All their hard work will be shown in their ‘CAMAU’ (steps) performance on Monday 28 October, 7:00pm at Theatr Felinfach. This is your chance to see the fruits of their labour!
The Performing School was established in January 2017 and has now grown into a very popular group. It’s a great opportunity for 7-18 years olds to gain new experiences in theatre skills through the medium of Welsh and to make new friends who share the same passion for performing.
This year two trips were organized for members of the Performing School. In June, the group visited the ‘Lexicon’ show by the UK’s leading large-scale circus company ‘NoFitState’ in Bluestone, Narberth. The audience was amazed at the performers’ talents and agility and seeing the children’s faces was invaluable.
Later in July, the group visited ‘Chores’ at Aberystwyth Arts Centre, a production organised by Cluster Arts, an Australian company. The story was about two young boys playing in their mess of a room where they began using their acrobatic skills to sort out the carnage. The show was inspired by ‘slapstick’ legends Buster Keaton and Charlie Chaplin.
Theatr Felinfach hopes to continue taking members to see various shows and productions to give them the opportunity to experience professional theatre.
The Performing School meet each Thursday evening – the primary members (7-11 years) from 4:30pm to 5:30pm and the older members (12-18 years) from 5:30pm to 7:00pm.
Membership fees are every half term and range between £30 and £35 depending on the age of the members.
If you would like more information about the Performing School and how to become a member in the new year, please contact firstname.lastname@example.org or call 01570 470697.
Tickets for ‘CAMAU’ are £6 for adults, £5 for OAPs and theatre members and £4 for students and Children. They’re available from the Box Office on 01570 470697 or online at theatrfelinfach.cymru.
Popular This Week
News2 weeks ago
Trains could be opening from Carmarthen to Aberystwyth
News5 days ago
Herald publisher ceases operations
News2 weeks ago
Ceredigion gritters prepare for Winter with a visit from ‘Goldie’
News7 days ago
Wales Audit Office report shows council finances are well managed
News1 week ago
Community walk to mark Footpath Improvement project in Ceredigion
News1 week ago
Ceredigion wins UK-wide Local Authority 2019 award for refugee work
News1 week ago
Are you someone who could provide a loving and safe home for children currently in care?
News1 week ago
Ceredigion County Council Celebrating Shwmae, Su’mae 2019