Future commissioner joins calls for Welsh pool to divest fossil fuels
On the go: A Welsh Assembly-appointed commissioner in charge of protecting future generations has called for the country's public sector pension funds to withdraw from fossil fuel investments.
Carbon extractors pose an unacceptable risk to savers' retirement wealth, said Future Generations Commissioner for Wales Sophie Howe, appointed to help realise the aims of the Well-being of Future Generations (Wales) Act 2015, as a co-signatory to an open letter.
The document also said public pension fund investment is inconsistent with the devolved parliament and Welsh councils declaring a climate emergency.
The letter was signed by Friends of the Earth Cymru, the National Union of Students, the Welsh branches of Unison and the Universities and College Union, along with local representatives of charities Oxfam, Sustrans, the Catholic Agency for Overseas Development and the British Lung Foundation.
Divestment has gained traction in Wales' public sector, with Cardiff Council voting to ban fossil fuel investments by its fund earlier this month. The Welsh government and National Assembly for Wales have both recently declared a climate emergency.
However, the latest available annual report of the assembly's pension fund shows it still owns companies like Royal Dutch Shell, albeit via an ethical fund managed by Legal & General Investment Management.
The letter implied that this stewardship approach would not be enough: "We only have around 11 years to avert disastrous runaway climate change, according to the Intergovernmental Panel on Climate Change. It is the poorest people, both here in Wales and globally, that are least responsible and yet most affected by climate change."
It continued: "We must divest from fossil fuels now to help support more vulnerable countries where people are already experiencing the front line impacts of climate change."
Commenting further on the letter, Ms Howe said: "Decision-makers in Wales need to be taking immediate action, and one strategic commitment they can make to contributing to a globally responsible Wales is by making the right financial decision for the well-being of our future generations."