Around 200 MPs and former MPs have come together to sign the Divest Parliament Pledge, a pledge calling on the MP’s Pension Fund to divest from fossil fuel companies.
This announcement comes at the same time as global leaders meet for COP24, the climate change summit in Katowice, Poland, to develop plans to actualise on the global heating limitations set out in the Paris Climate Agreement in 2015. As the recent IPCC report stated that we only have 12 years to mitigate the worst of greenhouse gas emissions and global heating, this act from MPs is greatly welcomed.
“We’re now a 200 strong cohort of cross-party MPs who believe it is morally indefensible for Parliamentarians to be investing in companies which profit from wrecking our planet.” Said Green Party MP for Brighton Palivion. “MPs have a duty to take action to prevent the worst of climate change. One simple step we can take is ditching our investments in fossil fuels – and instead invest in clean, renewable energy, and low-carbon technologies”.
If this Divest Parliament Pledge is successful, Parliament would join the Irish National Infrastructure Fund, The New York State Pension fun, and two-thirds of UK universities committed to fossil fuel divestment.
Amongst those MPs that have signed the pledge are Labour Leader Jeremy Corbyn, SNP MP Mhairi Black, Labour MP David Lammy, and former conservative MP Lord Deben. You can find a full list of MPs who have signed the pledge here, and use the site to inform your local MP if they have not already signed.
“Preventing disastrous climate change will be the defining challenge of the next decade for world leaders.” Said Lord Deben. “The UK must show leadership by demonstrating that we are prepared to make the necessary choices. This includes moving investment out of fossil fuels and towards renewables that are already proving that they can be built at the scale needed to power our homes and businesses. Moving quickly towards the Paris goals is the best way to protect our health and our prosperity for many generations to come.”
Since December 2017, the amount of MPs signing the pledge has doubled, with Labour leader Jeremy Corbyn being the 100th person to sign. 23 out of 25 SNP MPs have signed, alongside 11 out of 12 Liberal Democrat MPs, including party leader Sir Vince Cable.
Of the MPs that have signed the pledge, roughly 59% are Labour. Conservatives make up roughly 7%, Liberal Democrats 8%, SNP members make up 15%, and other parties make up 20%.
The campaign itself was started in 2014, by a small group of MPs that included Caroline Lucas. The campaign’s first success was to ensure that the trustees of the MPs Pension Fund disclosed its investments. This revealed that the largest individual holding is in British Petroleum, valued at £7.33 million. It also revealed investments in Royal Dutch Shell A at £3.67 million, Rio Tinto at £3.67 million, Royal Dutch Shell B at £2.93 million, and Total SA at £2.93 million, amongst others.
The campaign for transforming our current economy into a green economy had been rhetoric for some time, but now is seemingly becoming actualised, however slowly. Carbon-based fossil fuels drove the first industrial revolution, but have no become part of our downfall, as global temperatures rise, extreme weather events becomes more and more often, and refugees are forced from their homes at the hands of climate breakdown. What we need is a new energy revolution. Divestment is the first step towards this.
The current UK government may employ a green rhetoric, but it’s record is far from clean. Only recently did the Conservative government ratify Caudrilla’s bid to frack for shale gas in the northern county of Lancashire, despite the local council’s attempts to block it. Fortunately, more and more conservative party members seem to be turning away from Fracking.
The government’s Clean Growth Strategy admitted that the measures it had recommended to fulfil the fourth and fifth carbon budgets set by the Paris Climate Agreement would not be enough. This is a legally binding contract, limiting by law the amount of greenhouse gas emissions that can be emitted in a five-year period.
“This campaign is the fastest growing divestment movement of all time, which has seen more than $5tn of assets divested across more than 800 institutions.” writes Rebecca Long-Bailey, MP for Salford & Eccles. “Campaigning for our universities, workplaces, unions, and pension funds to divest is one important way we can help to build a more sustainable society. Parliament must play its part.