Yesterday evening, Brighton & Hove Council became the 11th in the UK to support fossil fuel divestment, passing a motion at full council calling on East Sussex to break it’s ties with the fossil fuel industry.
This follows similar motions being passed at Hastings and Lewes councils, making Brighton & Hove the third in the county to declare its support, piling on the pressure for East Sussex. Tonight’s vote also follows a recent decision by the East Sussex Pension Committee to amend the text of its new draft Investment Strategy Statement to recognise that “climate change poses material risks” to the East Sussex Pension Fund.
East Sussex Pension Fund invests over £170 million in the fossil fuel industry, including £4.3 million in climate-deniers Exxon and £3.8 million in oil-spillers Chevron.
Arnold Simanowitz, from campaign Divest East Sussex, said:
“Investments in fossil fuels are not only damaging the balance of the earth’s climate, but also pose a serious financial risk to investors. It is therefore the responsible and the prudent thing to do to divest the East Sussex Pension Fund from these dirty and risky fuels. We’re pleased that Brighton and Hove City Council has now passed a motion to this effect and urge all East Sussex residents to support the call for fossil fuel divestment by adding their names to the Divest East Sussex petition.”
— Fossil Free UK (@FossilFree_UK) April 7, 2017