Green councillor: It is a disgrace that our local government’s pension fund is funding sectors that contribute to the climate crisis

They addressed council about their strategy in light of the climate crisis, in response to a Green Party motion calling for divestment of funds from fossil fuel companies.

A representative from Nilgosc, which has £33 million invested in the coal, oil and gas sectors, argued they were acting to mitigate against climate change, through engaging with high-carbon companies.

However, they were unable to name any specific changes they have influenced.

Even more worryingly, during their presentation, a slide was included which claimed ‘Coal, Oil & Gas sector not creating the CO2 (sic)’.

When questioned, they conceded that these sectors did in fact produce CO₂, but argued that this was a low priority in addressing the climate emergency.

That such shameless denial of the climate crisis continues is a major concern to us all.

It is a disgrace that our local government’s pension fund is being used to fund sectors that contribute hugely to the climate emergency.

In any case, it is a financial risk to continue investing in fossil fuels, which will soon become stranded assets, still in the ground and worthless as we move to a net-zero carbon economy. It is therefore risking the pension fund of our local government workers.

As a manager of public sector funds, I suggest Nilgosc has a social responsibility to invest purposefully.

I, along with other members of the scheme, will continue to fight for acceptance of the truth and the divestment of funds from fossil fuels and encourage others to do the same with their own pension funds.

Kathryn McNickle, councillor North Down and Ards