CALLS for Wiltshire Council to divest from fossil-fuel investments have fallen on deaf ears. Recent data showed that Wiltshire Pension Fund currently has £64 million invested in oil, coal and gas companies, which not only contribute directly to climate change and pollution but also have been highlighted by the Bank of England governor as a potential investment risk.
Mark Carney says there is a real danger that this public money could become ‘stranded assets’ as the market for fossil fuels declines in the future. A pension fund is about saving for its members' future, and there are plenty of positive steps Wiltshire Council can make instead.
Wiltshire only needs look across to its neighbour, Swindon Borough Council. Swindon is investing £3 million, alongside members of the public, in a small community solar farm near Wroughton.
The investment is being made through council solar bonds structured by Abundance Investment – a first for any local authority in the UK – and as the vehicle used is a community interest company most of the profits will be reinvested in the local community. A welcome boost to council resources in these cash-strapped times, and a win for the environment and for investors, who get a six per cent return.
SOPHY FEARNLEY-WHITTINGSTALL
Calne
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