Fossil fuels investment is already becoming a risky bet – in just 18 months, local government pension funds lost hundreds of millions of pounds, as the value of the world’s biggest coal mining companies crashed.
Instead of investing in the fossil fuels industry, what if we invested in the new economy in a manner that reaps a broad range of environmental, social and economic benefits? For example, local government current £14 billion investment in fossil fuels could build over 200,000 homes or install renewables that generate more electricity than Scotland uses.
By divesting and reinvesting into renewable energy, public transport and social housing, local government could create jobs, boost local economies and future proof against climate change while protecting investments. We call such an economy ‘the new economy’.
Our key outputs co-produced with our partners include:
– A report to assist councillors, local government staff, pension holders and the wider public to understand how we can reinvest to build a new economy
– A similar report for university divest-reinvest campaigns
– Switched on London campaign calling for the GLA to set up a 100% people owned energy supply company. We have secured a commitment from the new mayor and are working towards making this commitment a reality.