Liberal Democrats urge Ealing Council to do more to reduce unethical stocks and shares

By Guest

6th Dec 2021 | Opinion

Ealing Liberal Democrat Group Leader, Councillor Gary Malcolm
Ealing Liberal Democrat Group Leader, Councillor Gary Malcolm

Over many years Ealing Liberal Democrats councillors have said that Ealing Council should reduce the amount of stocks and shares it owns to prop up its pension funds that are from companies which many would say are unethical whether they be oil, coal, gas or cigarettes.

Local councils have over £10 billion invested in fossil fuels through their pension funds.

Also, evidence has been clear for many years that funds who only invest in environmentally friendly companies are as profitable as those who do not, so it is time that Ealing Council moves money to these more ethical stocks and shares.

Liberal Democrat councillor Andrew Steed, finance spokesperson, who was a member of the council's Pension Panel, has been active in trying to get the council to change its policy.

Ealing Labour say they are helping the environment but on this issue they for many, many years have been lacking in real leadership on this matter.

People want to know more about how the council invests its money and when it finds out that lots of money may be invested in controversial sectors they want change.

Liberal Democrat leader, Sir Ed Davey MP, has recently suggested that new listings of fossil fuel companies would immediately be banned on the London Stock Exchange as part of a proposal by the Liberal Democrats that the party says could help the UK become a leader in tackling the climate emergency.

Under the plan Ed Davey said that measures could be taken to stop new bonds being issued in London to finance oil, coal or gas exploration.

In the longer term, Liberal Democrat plans for pension funds to disinvest from fossil fuels by 2035, with all companies with fossil fuel assets removed from the exchange as well.

Liberal Democrat councillors on Shropshire Council have taken action on this issue so other councils like Ealing can do so.

Despite the few recent sound bites from Labour-run Ealing Council we have seen little positive action.

People want to see decisive action on this. We will continue to press Ealing Council to make the changes needed so our council taxes are invested in a more transparent and ethical way.


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