IN response to the letter (Climate action is factored in to our discussions on investment beliefs, October 11) from the Camden Pensions Committee chair, Cllr Rishi Madlani…

• AS a coalition of Camden groups we welcome the decarbonisation of the fund’s investments and maintain the belief that the halving of fossil fuel exposure reflects ever more apparent financial prudence.

The fossil fuel industry is risky, so it’s good you’re moving pension money out of it. A reduction is however not the same as divestment, as you seem to suggest.

This is not to say we would not support a strategic, phased divestment from fossil fuels. We appreciate the importance of managing commitments properly in the best interest of the fund. That’s why we’re asking for a commitment to divest over five years.

But real divestment means giving that commitment and making it clear fossil fuels aren’t welcome in Camden and don’t have a place in our society. This will make Camden a real climate leader.

We welcomed the introduction of climate change as a stand-alone risk on the fund risk register some three years ago, but hoped it would lead to every decision being viewed “through a climate lens” in a more robust manner.

Specifically, we hoped that the fund would stop investing in companies which continue to exacerbate the climate crisis and spend millions lobbying to block climate policies. We hope to see the mechanism perform this function at the committee meeting on November 26.

We also welcome the committee “making a positive investment in sustainable infrastructure which will include renewables”.

While we don’t know what the figure in question is, or the proportion of it going into renewable funding, divesting from fossil fuels could free up a further £50million for these ends.

In relation to Camden winning the LAPFF award for best approach to environmental, social, and governance impact investing, we’re somewhat less enthusiastic.

LAPFF facilitates collaboration with an industry intent on destroying our climate, and Camden’s own quarterly reports show this collaboration to be ineffective.

There’s never been a case in financial history of an industry reinventing its core business model, and the fossil fuel industry clearly doesn’t intend to break that trend.

We look forward to the committee’s next meeting and hope to deliver a deputation. As we understand from Cllr Adam Harrison’s statement at the last full council meeting there will be “a new strategy on divestment” announced.

We’re excited by this and hope it will be a divestment strategy that does what it says on the tin – sends a message that Camden doesn’t make a home for the fossil fuel industry.

CLIMATE EMERGENCY CAMDEN
(Divest Camden, Transition Kentish Town, Friends of the Earth Camden, Transition Towns Camden, Camden Green Party, Camden Air Action, Power Up North London, Camden Cyclists, Camden Fairtrade Network, Camden Civic Society, Canopy Coalition)