On 7th October, Dudley Council will vote on a motion to divest the pension fund from fossil fuels. This important resolution will demonstrate Dudley is committed to playing its part to solve the climate crisis. It is also a really smart policy as noted in a letter to the Financial Times:
Fossil fuel-free investing is, in fact, low-risk and profitable. The financial numbers on the fossil fuel industry’s market performance no longer add up. It has lost its competitive edge. To maintain market share the oil and gas (and coal) sector flouts the rule of law, confounds fair play, ignores shareholder concerns, distorts science and frustrates political discourse. All to advance a weak economic rationale from a bygone era. The divestment movement uses protest as a political device to open a new consensus on low-carbon initiatives. Corporate boards are the battlegrounds for debate because the fossil fuel industry has succeeded in undermining the Paris Agreement and any policy proposal that runs counter to unbridled exploration and development.
We hope all the parties in Dudley MBC will join together to support this crucial motion.
Divest West Midlands 