Bromley Liberal Democrats have called on Bromley Council to ensure its considerable investment portfolio - both pension fund and council investment funds - do not support fossil fuels.
Burning fossil fuels poses a serious risk to the stability of the climate upon which our well-being and economy depend, and research demonstrates that up to 80% world’s proven fossil fuel reserves will have to remain unburnt if we are to have a reasonable chance of keeping global warming to less than 2 degrees Celsius.
Four London Borough local authority pension funds have committed to full divestment, including: London Borough of Waltham Forest in September 2016; London Borough of Southwark in December 2016; London Borough of Islington in September 2018; and, London Borough of Lambeth in December 2018.
Bromley Liberal Democrats believe that Bromley Council should invest its investment funds in ways that support the Climate Emergency and - since 80% of fossil fuels must remain in the ground, the reserves of the fossil fuel industry risk becoming ‘stranded assets’ with little or no value – representing a substantial financial risk for those that invest in them.
Bromley Liberal Democrats have also called for an urgent review of Bromley Council's investment policies to ensure that any new investments in fossil fuel companies are ruled out and that future investments do not support direct ownership or co-mingled funds that include fossil fuel public equities and corporate bonds.