Swansea Council’s Pension Fund Committee may not agree to remove fossil fuel investment banks from their portfolio because these investment banks offer good returns. One of the investment banks they use is JP Morgan and Aberdeen Asset Management. However, by the time our current council employees retire, fossil fuel investment may have dried up due to the climate emergency. Therefore, Swansea Council Pension Fund committee needs to move away from fossil fuel investments to more environmentally friendly investments.
Divestment Protest Organised by XR Swansea Outside The Guildhall..
Global banks, led by JP Morgan Chase, invested $1.9 trillion in fossil fuel projects (FFP’s) since the 2016 Paris Climate Pact. The top banks investing heavily in FFP’s are JP Morgan ($196.66 billion), Wells Fargo ($151.60 billion), Bank of America ($106.69). Barclays lay in 6th position with $85.18 billion poured into FFP’s, HSBC with $57.81 billion and RBS funding $4.37 billion into FFP’s all since the 2016 Paris Climate Pact.
Aberdeen Asset Management also fund FFP’s and can be seen in the links below. We need to dry up fossil fuel funding of oil companies as they will continue drilling existing wells and seek new wells to drill and extract fossil fuels which in contra to reducing climate change and global temperature below 1.5º Celsius by 2030. The links below offer further reading.
Oil And Gas Giants Spend Millions Lobbying To Block Climate Change Policies
Every year, the world’s five largest publicly owned oil and gas companies spend approximately $200 million on lobbying designed to control, delay or block binding climate-motivated policy. Read more…