Southwark Council joins the growing fossil fuel divestment movement
It’s great to hear that Southwark Council will be joining the fastest growing divestment movement in history. The £1.2bn Southwark pension fund is now the largest fund in the UK to end all its investments in fossil fuels as news emerges that the wider movement now totals $5.2tn, having doubled in the last fifteen months.
What’s remarkable is not only the speed of this movement but the context in which it has occurred. The fact that it has taken place against the backdrop of sluggish economic growth and the political turmoil of the last few years, suggests that this movement is no longer simply a typical divestment campaign based only on ethical concerns – but now represents a genuine commercial movement based on mitigating the financial risks of investing in assets that are gradually becoming more and more toxic.
Southwark Council will now begin gradually shifting their investments away from fossil fuels and are exploring new opportunities to invest in the development of sustainable energy infrastructure via the London CIV. In 2017, we expect to see many more organisations join the fastest growing divestment movement in history.