Chesterfield councillors back call for fossil fuel investment by Derbyshire Pension Fund to end

The Derbyshire Pension Fund currently has £200million invested in fossil fuel companies, according to Chesterfield Liberal Democrat councillors Paul Niblock and Keith Falconer.

At Wednesday’s full Chesterfield Borough Council meeting members joined forces and voted unanimously to support their motion calling on the fund to end investment in fossil fuel.

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Councillor Falconer said: "A number of councils and other organisations have already decided to divest their pension fund money from fossil fuel companies and into renewable energy.

"Hopefully Derbyshire County Council which manages the Derbyshire Pension Fund, will take note of this decision and now do the same."

Coun Niblock, a Derbyshire Pension Fund pensioner, added: “Despite Derbyshire County Council having a comprehensive climate change agenda and claiming to lead in the reduction of greenhouse gases, why is its pension fund still investing my hard-earned contributions in fossil fuels?”

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The county council said the fund’s investments in fossil fuel firms had halved in recent years.

It manages the fund on behalf of many local employers, including all the area’s district and borough councils, Derbyshire Constabulary and Derbyshire Fire and Rescue Service.

A county council spokesperson said: “As the administering authority for Derbyshire Pension Fund, we have a duty to comply with statutory investment regulations which require the fund to hold a broad spread of investments in order to control risk.

“Consideration is given to the issue of climate change as part of the evaluation of all investment risks associated with the fund’s diverse portfolio. The pension fund’s recently published climate-related disclosures report the steps being taken by the fund to manage climate-related risk.

“Over the last few years, the fund’s investment in companies involved in the production of fossil fuels has halved to around four per cent of the portfolio, at the same time the fund has made new investments in global sustainable equities and renewable energy companies.

“A climate strategy for the pension fund is currently being developed. Individual members of the fund and their employers will be asked for their views on the strategy as part of a consultation process in the autumn.”

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