Divesting Strathclyde Pension Fund from Fossil Fuels
Written by WeegieFifer on 3 July 2021
Valerie and Marlene, our Daytime Show team, are back in action this week. Friday’s edition included Geraldine Clayton of Divest Strathclyde and Glasgow City councillor Ken Andrew. Our interviews cover both sides of an on-going discussion about ending fossil fuel reliant investments held by Strathclyde Pension Fund.
If you’re old enough you’ll remember when Scotland had regional councils, the largest of which was Strathclyde Region. Although the regional council has gone, its £26 billion pension fund, Strathclyde Pension Fund (SPF), remains and is the responsibility of Glasgow City Council SPF Committee. That committee oversees its investment performance and its ethical and environmental strategies.
Geraldine spoke about Divest Strathclyde’s campaign calling for complete disinvestment from fossil fuels by SPF. A matter that is being thrown into the spotlight by Glasgow being host to the UN COP26 Conference in November this year. You can listen to Geraldine here:
Strathclyde Pension Fund
Ken Andrew, one of the councillors on the SPF Committee, told us about how he approaches the job of overseeing a fund of around £26 billion and nearly 100,000 people depending on it for their pensions.
A recent meeting of Glasgow City Council saw a vote overwhelmingly in favour of the pension fund divesting from their remaining fossil fuel holdings. These currently total around £250million. That is about 1% of the Pension Fund’s total holdings. Ken talked to us about the fund’s environmental strategy and what it is doing to shift those remaining fossil fuel related investments.
Here Ken’s interview: