Liberal Democrats in Gateshead are to launch a bid to end local government pension fund investment in companies that produce fossil fuels.
The Lib Dem opposition on Gateshead Council will move a motion at the meeting to be held at 2.30pm on Thursday 25th March. It will call on the Tyne and Wear Pension Fund to disinvest from companies that produce and sell coal, gas and petroleum.
Lib Dem leader of the opposition, Cllr Jonathan Wallace, said, “Gateshead Council rightly warns that our world is at risk from global climate change and that we all need to change the way we operate to reduce our impact on the environment.
“But we must not stop with simply making the call. We need more than words, we need action. The Lib Dem group on Gateshead Council want an end to investing by Tyne and Wear Pension Fund in fossil fuel companies. Investment should instead go into companies producing clean, green, sustainable energy and fuel.
“The Tyne and Wear Pension Fund should gradually offload its remaining holdings in fossil fuel companies.
“There is a further reason for doing this: as more and more people move over to cleaner forms of transport and more and more companies and households shift to renewable fuels, the demand for fossil fuels is reducing. That means these companies have assets that are of diminishing value.
“That will affect the value of our pension investments. That means now is the time to disinvest from fossil fuel companies.”