Issue - meetings

Proposed by Councillor Garth (Bill) A Boulter

The Council gave consideration to the Motion on Notice (as set out at pages 7 – 8 of the agenda reports pack) regarding pension divestment within Leicestershire’s Local Government Pension Scheme (LGPS) as administered by Leicestershire County Council in relation to the LGPS’s investment interests and portfolios in fossil fuels.

It was moved by the Councillor G A Boulter, seconded by Councillor M H Charlesworth and

UNANIMOUSLY RESOLVED THAT:

The Council resolves to commit to:

(i)       Reaffirming its commitment to its Environment Strategy and Action Plan which sets out how the Council will contribute towards reducing carbon emissions both in terms of actions that it can take as an organisation in its own right and in terms of the Council’s role in influencing local residents and businesses and encouraging a partnership approach involving a range of stakeholders.

(ii)      Calculate and publish the scale of that carbon footprint at a borough-wide level associated with pension investments in the Leicestershire scheme.

(iii)    Calling on Leicestershire County Council Pension Fund to bring forward a transparent plan to divest from fossil fuels by 2030 through the development and adoption of responsible investment policies that:

(a)      Stop investment in energy companies actively exploiting new fossil fuel reserves;

(b)     Divest from direct ownership and any commingled funds that include fossil fuel public equities and corporate bonds unless the specific funds are being used exclusively to develop or support renewables, carbon capture, hydrogen or other decarbonisation technology; and

(c)      Instruct its fund managers to pursue an active investment strategy in companies with a verified commitment to, and track record of, reducing greenhouse gas emissions and minimise climate risk.