Welsh Assembly Pension Scheme moves away from fossil fuels
The move to divest follows constructive meetings with Assembly Members (AMs), the Pension Board and their financial advisors.
Friends of the Earth Cymru spokesperson Bleddyn Lake said:
"This is a very welcome step in the right direction and brings the AM Pension Scheme into line with over 1000 organisations worldwide who have made commitments to divest their pension and other investments from climate wrecking fossil fuel companies.
"We have received a great deal of support for our campaign from thousands of people around Wales who have written to or met their AMs asking them to support our call for divestment.
"Many AMs from different political parties have supported our call publicly and we would like to thank them for their support.
"The job isn’t anywhere near done though and we reiterate our call for all public bodies in Wales to ditch their investments in these fossil fuel companies. It makes financial as well as moral sense and we simply do not have any more time left to prevaricate, look the other way or kick these sorts of decisions into the long grass.
"Ceredigion Council will have their own vote on divestment this week, and we hope they will join the AM Pension Scheme in making this a positive week in Wales in the fight against global climate chaos."
The Pension Board have agreed to move 15% of Scheme assets, around £6 million, to a sustainable return fund, which will see the Scheme’s investments in the oil and gas sector fall by around 30% to 1.99% and have adopted a policy to reduce the Scheme’s investments in the oil and gas sector to zero over a five year period subject to the availability, over that timescale, of suitable investment vehicles given the size of the Scheme.
For more information contact Kirsty Luff, Communications Officer at Friends of the Earth Cymru on 02920 341993 or by emailing email@example.com.