A PROTEST was held outside civic offices in Winchester over the fossil fuel investments of the Hampshire Pension Fund panel meeting.

More than 40 people attended the picket, which was organised by Hampshire Pension Fund Divest and took place on Friday, September 29.

Members of UNISON, the Green Party, Winchester Labour Party, and Extinction Rebellion were in attendance, alongside concerned Winchester residents outside the county council offices.

Protester Jude Wilkinson said: “Hampshire Pension Fund manages over £9.6b in assets, and the decisions they make over this money really matter.

“So many young people like me are concerned that emissions aren’t falling fast enough, and I was proud to add my voice to those calling for Hampshire Pension Fund to take their money out of gas and oil.”

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Several picketers attended the Hampshire Pension Fund meeting, with Christine Holloway, coordinator of Hampshire Pension Fund Divest, saying “For nearly a decade, we have been reiterating what economists and scientists have been telling us, that fossil fuels simply are not a viable investment.

“We are here to tell the fund: the climate crisis isn’t going away. We’re campaigning for the fund to divest, and despite some progress, not enough action has been taken.

“By divesting, the fund would free up money which could be used to invest in net zero projects, such as renewables, solar panels, and creating green jobs that Hampshire needs.”

Ms Holloway spoke alongside Hampshire pensioner David Lee, on the topic of a consultation recently launched by the government into whether to put all assets owned by Local Government Pension Schemes (LGPS) into pools, which are regional groups of funds. 

The government is proposing to accelerate the pooling process and transfer all assets to pools by 2025. They are currently inviting responses from funds.

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Before the picket, Hampshire Pension Fund Divest released a statement to the government’s consultation, in which it said: “The consultation proposes a set of reforms which have the potential to accelerate investment in sustainable and net zero projects. Pooling can make it easier for funds to invest in renewables, retrofitting and other areas.

“Research has repeatedly highlighted how fossil fuels are a risky investment, leaving investors vulnerable to the dangers of stranded assets. But more than that, fossil fuels are simply incompatible with life on a habitable planet.

“Pension funds cannot use these reforms as an excuse to delay action. Pooling is currently compatible with divestment, and the government must ensure that there is sufficient flexibility to at least give the funds the choice over investments.”

A spokesperson for the Hampshire Pension Fund Panel and Board said: “The County Council administers the Hampshire Pension Fund on behalf of more than 300 employers and public bodies, and more than 200,000 current and former staff.

“The Pension Fund’s Responsible Investment Policy outlines how social, environmental and governance considerations are taken into account when assessing the financial potential and suitability of investments. The Fund’s policy is not to disinvest from any particular company or industry, such as fossil fuel producers, but to positively engage with these companies through its investment managers and to influence and encourage the transition to a low carbon economy.

“The Pension Fund has taken a number of actions to reduce the carbon footprint of its investments and voluntarily reports under the Taskforce for Climate-related Financial Disclosure (TCFD) showing the carbon footprint of the Fund’s investments, and the percentage of companies signed up to lower-carbon targets. As of December 31, 2022, 2.6 per cent of the Pension Fund was invested in fossil fuel companies and 3 per cent in renewable energy. At its meeting on September 23, the Pension Fund Panel and Board agreed to target allocating more than 30 per cent of the Fund’s alternative investments to sustainable investments.”