Camden Council has declared a Climate Emergency – we believe that part of taking action around this includes the Council reducing its carbon footprint, and divesting the pension fund from fossil fuel investments is one way to do this.
As a trade union of course we want a decent pension for our members, and for working class people in general, but we also want a world where we can enjoy our retirement and to know we are leaving a sustainable world for future generations.
UNISON believes that modern fiduciary duty requires that pension fund investments are made in the interests of scheme members, that the financial obligation is not to maximize returns but to ensure there is enough resources to meet the pension benefit obligation. Therefore these financial regulations do not justify investment in the fossil fuel industry, nor slowing moves to decarbonise the fund. Continue reading