Mr Ferguson said: “At January’s members’ forum, I pledged to amend the Council’s ethical investment policy to include those companies whose core activities include the extraction of fossil fuels. Following discussion with relevant members of the council, I am pleased to announce that the policy has been amended to reflect this pledge.
“Ensuring the council’s policies reflect our commitment to greener, cleaner urban living is critically important, especially during our year as European Green Capital. What may appear as a minor change on paper will ensure a lasting impact on how the council does business in the future.”
At present, Bristol City Council’s funds are not directly linked to the fossil fuel industry. However, the Avon Pension Fund (APF), of which they are a member along with councils in Bath and Somerset, does have significant fossil fuel investments and so Bristol City Council would need to work with APF tofreeze and withdrawthose investments.
Richard Lawrence, Fossil Free Bristol campaigner and member of the Avon Pension Fund, said: “Our local council has accepted its responsibility to divest from an industry that’s destroying the planet for future generations.
“The next step is for Mr Ferguson to actively invest in clean energy and lend his full support to ongoing conversations with the Avon Pension Fund about their significant fossil fuel investments.”
Rachel Simon, a student at the university, said: “Whilst the decision by Bristol City Council is encouraging, Bristol University continues to invest in, and profit from, the activities which drive climate change through their portfolio of investments.
“Clearly, this is unethical and illogical especially when set against the university’s much publicised Cabot Institute research into the drivers of climate change. It’s time for them to listen to their students' demands and take the necessary action.”
The news comes after Global Divestment Day on Saturday 14th, which saw scores of people join a singing flashmob in Broadmead, to the tune of Frozen's "Let It Go", protesting against banks' investments in fossil fuels. Hundreds of events took place in towns and cities in 48 countries spanning six continents to put pressure on organisations to divest from oil, coal and gas industries and reinvest in clean technology. The initiative is part of the Fossil Free campaign. Rallies and protests also took place in major UK cities including Birmingham, Oxford, Nottingham, Swansea, York and Edinburgh. Danielle Paffard, UK divestment campaigner at 350.org, said: "The UK divestment movement is already making a huge impact and Bristol’s decision represents a huge boost to the movement as it continues to gain momentum. In just two years, this campaign has grown from a few universities to hundreds of institutions around the world. “We have begun to chip away at the political power of the coal, oil and gas industries in the UK and thousands of people are closing their accounts with banks that invest in fossil fuels. Through Global Divestment Day many local authorities and organisations are coming under pressure from campaigners to do the same. We need to keep the carbon in the ground and send the message to stop extracting fossil fuels. They should follow Bristol’s lead and commit to divest now."
Bristol is currently the European Green Capital for 2015, the annual award designed to promote and reward the efforts of cities to improve the environment.
"Let's Divest Now! We don't need Fossil Fuels
Today was Global
Divestment Day, a day of coordinated action around the world to
highlight the divestment campaign. At over 450
events in 60 countries, people around the world declared that it’s wrong to
wreck the climate — and it’s wrong to profit from wrecking it.
the Pacific Islands to South Africa, from the United States to Germany, we
stood up to demand that our governments, universities and financial and
religious institutions stop investing in the rogue industries that are
destroying our planet. It was a massive turning point in the divestment
movement with people across six continents fighting to de-legitimize the fossil
Bristol, we did it with a singing "flashmob" at Barclays Bank, in the
centre of Broadmead. After a quick rehearsal in Castle Park, we met up with
members of Grandparents for a Safe Earth, and stealthily made our way one by one
into the bank.
embers of Grandparents for a Safe Earth
the bank staff had heard about our plans and had put two beefy security guards
on the door, as well as a police officer loitering across the road. But we were
not deterred; Elaine blagged her way in with a story about wanting to discuss a
mortgage. She ended up in a private meeting room upstairs and missed the
beginning of the flashmob!
soon as we started the backing music, the burly bouncers turned on us and
politely, but firmly, requested we "leave quietly". So we did, and
recommenced the song right outside the front doors.
actually worked out better for us, because no-one could get in or out of the
bank, what with there being 25 of us singing, and a further 20 or so taking
pictures and supporting us. They shot themselves in the foot really.
our huge banner, it was difficult not to notice us. We handed out hundreds
of flyers and spoke to lots of passers by about moving their money. We
even got some press coverage! Read the article in the Bristol Post here.
people closed their bank accounts.
in all it was a very successful day, and lots of fun was had by all. We look
forward to the next Global Divestment Day!