Green Party councillors in Trafford have called for Greater Manchester Pension Fund (GMPF) to stop funding climate-busting oil and gas companies.
This is the second time Trafford’s Green Party councillors have called for action. Given the urgency of the climate emergency, continuing to fund fossil fuel industries is not only environmentally irresponsible but also poses significant financial risks for the future.
The council heard on Wednesday that around £1.3 billion of Greater Manchester public sector money is still invested in the fossil fuel industry including Shell, BP, and other oil and gas companies. This amounts to about 6% of GMPF’s fund. These numbers are similar to those 5 years ago when Trafford Greens previously called on the council for action.
Trafford Council and the GMCA set a target of 2038 to reach net zero. However the Pension Fund has a target date of 2050. The Greens called for the Pension Fund to align with the more ambitious target for the rest of Greater Manchester.
Trafford Labour voted down the motion, even taking issue with asks that they had voted for in the previous 2019 motion.
Geraldine Coggins, Green Party councillor for Altrincham said,
“The climate emergency means we have to take urgent action. Fossil fuel investments are not only harming our planet but also the financial security of local pensioners. It is likely that these funds in the dirty industries of the past will lose value as we move to more sustainable technologies.
It is really disappointing that Labour here in Trafford will not take action. Divesting from fossil fuels is a growing movement backed by trade unions, many public sector workers and many pension funds in this country and around the world. Trafford should be leading the way.”
The full debate on YouTube is available here from 2 hours 6 minutes
The previous Trafford Green Party motion 2019 is covered here in the local press