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£141m investment in fossil fuels criticised

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fossil fuels

 

 

 

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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Tregaron: Spider landed on driver before fatal crash

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A SPIDER landing on a woman’s hand caused a car crash which resulted in the death of her 11-year-old son, an inquest heard.

Tristan Silver was being driven to school by his mother Cloud Younger alongside his sister Branwen on May 4 2018, when the crash occurred near Tregaron.

The inquest in Aberystwyth on Wednesday (Jun 19) heard that the blue Subaru Legacy estate car drifted on to the wrong side of the A485 and hit a black Mitsubishi Shogun towing a trailer.

Farmer David Glyndwr Jones had loaded 60 lambs into the trailer before setting off for a market in Builth Wells with his wife. Around 8.45am Mr and Mrs Jones saw the Subaru driving towards them, and having seen that the vehicle was not slowing down, Mr Jones decided to pull his car into the verge and brace for impact.

When the cars met head-on, Mr and Mrs Jones, Mrs Younger and her daughter were left with minor injuries, but Tristan suffered serious head injuries. He was airlifted to hospital in Cardiff where he was pronounced dead.

After an interview with the police in June 2018, where Mrs Younger answered ‘no comment’ to each question, a prepared statement to police later explained that a spider had landed on her left hand as she was driving. This caused eight-year-old Branwen to start screaming, and Mrs Younger then tried to calm her daughter down, whilst continuing to drive.

The statement said that the Subaru had recently passed its MOT and all three people in the car were wearing seat belts. The inquest heard that the speed of the vehicle at the point of impact could not be ascertained, but Mr Jones said that his car was nearly at a standstill at the time of the crash.

Ceredigion Coroner Peter Brunton recorded a conclusion of misadventure.

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Plaid Cymru Cardigan hold event to support local initiatives

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MP Ben Lake led the evening

THE CARDIGAN plaid Cymru branch held a successful evening at the Fisherman’s Rest, Cardigan on Friday June 14 2019 to help share information and the experiences of local community benefit groups, as well as grant opportunities available to support such initiatives.

The evening was led by County Councillor Clive Davies and Member of Parliament for Ceredigion, Ben Lake. During the evening a presentation was given on far-reaching grant opportunities available for such community groups – drawing from examples of societies and community enterprises created in Cardigan over the last 5 years – and how they got started, grew from strength to strength, and received funding to achieve and support their objectives.

Following the meeting, Cllr Clive Davies said: “The success of local initiatives and groups have played a key role in Cardigan’s success as a vibrant market town over recent years. I welcomed the opportunity to further raise awareness of the opportunities and avenues of support available to such groups and enterprises to help them to continue to make an invaluable contribution to the town and local area.”

Ben Lake MP added: “Cardigan boasts a successful array of lively community projects and small businesses that have brought an added vigour to both the town and Ceredigion as a whole. It was useful to have the opportunity to discuss the challenges these groups face, as well as share information regarding the wide array of support and funding available to support and maintain their important work”.

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Ben Lake MP pledges support for advancing MS research

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BEN LAKE MP for Ceredigion has shown his support for investment in MS research, after visiting an exhibition by the MS Society in Parliament this week.

The exhibition, ‘Multiple Sclerosis – The Research Story’, gave parliamentarians the opportunity to hear from people living with MS and leading MS researchers around the UK. It featured personal objects from the MS community, representing what it’s like to live with the condition, alongside the latest developments in cutting-edge research.

Ben Lake, MP said: “I am delighted to have attended the MS Society’s parliamentary exhibit and see first-hand how close we are to stopping MS”

“MS is an unpredictable and challenging condition, which can be painful and exhausting. I want to see investment in this area of research continue to rise so everyone living with MS in Ceredigion and across the UK has access to effective treatments.”

Over the past 20 years MS research has led to major advances, including more than a dozen licensed treatments for people with the relapsing form of MS. But more investment is needed to find more, and better, treatments for everyone – including ones that can slow or stop MS from progressing.

Dr Susan Kohlhaas, Director of Research at the MS Society, said: “We’re really grateful Ben Lake MP has pledged their support for our work. More than 100,000 people live with MS in the UK and many are still left without treatment options that slow or stop progression. But we are at a turning point in MS research and the UK is at the forefront of this. We are closer than ever before to having treatments for everyone with MS, and stopping MS for good.”

The MS Society is the UK’s leading not-for-profit funder of MS research and is currently supporting over 70 active projects worth more than £20 million. To find out more about the MS Society and the vital research it is funding visit www.mssociety.org.uk

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