Fossil Free Shropshire is a campaign group calling on the £2 billion Shropshire County Pension Fund to stop investing in fossil fuel companies.
Why are we doing this?
FOSSIL FUELS ARE A FINANCIAL DISASTER
Between 2017 and 2020 the Shropshire County Pension Fund lost an estimated £11 million due to its investment in fossil fuel companies including BP and Shell (source). During the same period, investment in the renewables sector achieved record returns. Shropshire Council taxpayers are the ultimate guarantors of the fund.
FOSSIL FUELS ARE AN ENVIRONMENTAL DISASTER
For every £1 invested by fossil fuel majors, over 95p ends up in further expansion of oil and gas reserves that are incompatible with a Net Zero trajectory (source)
WAIT, DIDN'T SHROPSHIRE COUNCIL VOTE TO DIVEST...?
Yes it did.
In July 2020, Shropshire Council passed a historic motion to divest its pension fund from fossil fuels within three years. Other members of the pension fund including Telford & Wrekin, Shrewsbury, Oswestry, Wem, Much Wenlock Councils have written in support.
However the Pension Committee - made up of six councillors from Shropshire and Telford & Wrekin - rejected the call to divest in January 2022. The fund continues to profit from climate-wrecking companies, ignoring the devastation that these investments are causing around the world.
Fossil Free Shropshire continues to fight for divestment and for the pension's membership to be balloted about the decision directly.