Motion in the name of Councillor Martin:
“Council understands that the Greater Manchester Pension Fund is the largest in the country, and currently has £1.3 billion invested in coal, oil and gas companies.
“Council further recognises that fossil fuels present a serious risk to the health and wellbeing of residents and to the environment.
“Council acknowledges that the recent agreement in Paris to restrict the rise in global temperatures to below 2 degrees C will render the majority of the world’s coal, oil and gas reserves unburnable. In turn, this will mean that investments in these fossil fuels will be extremely risky for pension scheme members.
“Council therefore resolves that it should call on the Greater Manchester Pension Scheme to take the following actions:
- Immediately freeze any new investment in fossil fuel companies, including those engaged in fracking operations and exploration;
- Divest investments from any company that is involved in the exploration for or production of coal and unconventional oil or gas (fracking) within 2 years, and from all fossil fuel companies within 5 years;
- Work with the Greater Manchester Combined Authority to develop and fund a sustainable low carbon investment programme for Greater Manchester.
“Council also resolves to acquaint all other relevant authorities in Greater Manchester of this resolution, and to seek their support.”