Divestment Day of Action

Climate campaigners in Edinburgh join national protests against fossil fuel investment

– Demonstration took place in Edinburgh yesterday (24 March) as part of UK-wide divestment day of action
– More than 30 groups across Britain joined “Divest from Crisis, invest in our future” events to call for an end to council investments in fossil fuels
– Climate campaigners highlight the Lothian and Falkirk Pension Funds’ investment in big polluters by staging a theatrical depiction of the love triangle between the Pension Funds, fossil fuel companies and green investments outside City Chambers

Climate justice campaigners from Edinburgh and Falkirk staged a theatrical demonstration outside Edinburgh City Chambers today (24 March) to call on the Lothian and Falkirk Pension Funds to stop investing in fossil fuels.

Local campaigners from Divest Lothian, Friends of the Earth Falkirk and Stop Rosebank staged a short period-costume drama, taking inspiration from Martin Scorsese’s classic film ‘The Age of Innocence’, to depict the love triangle between the Lothian and Falkirk pension funds, big polluters and green investments.

The Edinburgh protest is one of over 30 demonstrations taking place across the UK today as part of a “Divestment Day of Action” to urge councils, pension funds, and financial institutions to take action to address the crises of fuel poverty, climate breakdown, and energy security by removing investments from fossil fuels.

The Lothian Pension Fund, administered by the City of Edinburgh Council for the four Lothian councils, invests an estimated £229 million in fossil fuel companies which are driving climate breakdown, including BP, Shell, ExxonMobil and Equinor.

The Falkirk Pension Fund, which is run by Falkirk Council, invests an estimated £123 million in some of the world’s biggest polluters, including BP and Shell.

Joan Forehand, campaigner with Divest Lothian, said: “All paths to a livable and economically viable future start with ending the exploration for, and development of, new sources of fossil fuels and instead investing in the rapid development of clean energy.

“The last year has shown fossil fuel companies doubling down on further expansion of oil and gas whilst continuing to distract the public with greenwashing. All responsible investors have a part to play in recognising that they hold great power, via divesting, to signal to policymakers that these companies are on a path that is no longer morally or economically supportable.”

In 2022, both the City of Edinburgh Council and East Lothian Council passed motions calling on the Lothian Pension Fund to divest from fossil fuel companies, but the fund has not yet changed its policy.

Sally Clark, divestment campaigner at Friends of the Earth Scotland, said: “The spiralling cost of living and the breakdown of the global climate are both symptoms of an unstable and unjust fossil fuel energy system that is devastating communities around the world.

“By continuing to invest in big polluters like BP and Shell, the Lothian and Falkirk Pension Funds are literally gambling with our futures. It’s time for both funds to end their investments in climate-wrecking fossil fuels and instead invest in warmer homes and renewable energy that can help ensure we have a liveable planet for future generations.”

Luke Henderson, Chair of Unison West Lothian Branch, said: “More and more public sector and private sector pension funds are making the switch to fossil free investments. The Lothian Pension Fund needs to catch up with them.

“Fossil fuel companies are not effectively responding to the fact that they need to move to renewable energy in the future and currently invest only a tiny fraction of their investments in green energy. History is littered with once dominant companies that did not respond to changes and who suddenly disappear.

“Companies like Olivetti refused to move from typewriters to computers or Kodak who refused to move to digital photography. We should switch our investments before it is too late and the fossil fuel companies stock value plummets.

“Furthermore, in the face of extraordinary economic challenges ahead, we need to reset and create a new economy that places the health of us all above the wealth of a few. Local government pension schemes can play a part in this by mobilising the money they move out of fossil fuels into socially useful investments in the local economy.”