Agenda item

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Notes the conclusions of the Intergovernmental Panel on Climate Change that “we are already seeing the consequences of 1°C of global warming through more extreme weather, rising sea levels and diminishing Arctic sea ice”;

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Notes the Panel’s finding that “warming of 1.5ºC or higher increases the risk associated with long-lasting or irreversible changes, such as the loss of some ecosystems,” and that “limiting global warming to 1.5°C would require ‘rapid and far-reaching’ transitions in land, energy, industry, buildings, transport, and cities. Global net human-caused emissions of carbon dioxide (CO2) would need to fall by about 45 percent from 2010 levels by 2030, reaching ‘net zero’ around 2050.”;

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Notes the campaigning and research by Friends of the Earth, and others, on the holdings Local Government Pension funds, including Cardiff & the Vale, have in fossil fuel companies;

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Welcomes the recent decision of the Pension Committee to move 10% (approx. £200 million) of fund assets to a fund tracking a Global Low Carbon index; and

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Welcomes the Pension Committee’s recent decision to state its “support in principle for disinvestment in companies engaged in fossil fuel extraction, subject to this being consistent with its fiduciary duties and regular assessment of the impact of such an investment decision; and states its support for further development of Climate Change Investment Policy to reflect this work and ensure investment decisions are consistent with the aims of the Paris Agreement”

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Continue the work to apply the principle of divestment in companies engaged in fossil fuel extraction, in order to divest from direct ownership of equities and corporate bonds, as well as any comingled funds, of companies engaged in fossil fuel extraction 

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Continue the work to apply the principle of divestment in companies engaged in; and

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seek to have divested within a period of five years.