CAMPAIGNERS in North West Wales joined forces in Caernarfon on March 24 as part of a UK Divest National Day of Action urging councils, pension funds, and financial institutions to stop investing in fossil fuels.

Their aim was to persuade Gwynedd Pension Fund, administered by Gwynedd Council, to halt all fossil fuel investments as quickly as possible.

Although Gwynedd Council and other local authorities participating in the fund have declared climate emergencies and developed climate action plans, Gwynedd Pension Fund still has substantial fossil fuel investments, estimated in 2021 to have exceeded £50million.

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In total, the eight Welsh local authority pension funds had more than £550m invested in fossil fuel companies in 2021. 

The campaigners argue that these funds could be redirected into other projects that would have a clear benefit for people while delivering reliable returns for pension fund members, examples including community renewable energy and social housing.

As part of the Day of Action, a letter was handed in to Gwynedd Council calling on it to “divest from crisis”. 

At the same time, there was a demonstration in Castle Square, featuring a tug of war representing the battle between fossil fuel companies and ordinary people concerned about the fate of the planet.

Alison Shaw, a retired science teacher from Conwy, said: "I am dismayed to hear that large organisations which invest money on our behalf, like councils, are not grasping the seriousness of the global situation.

“Their investment decisions continue to fund fossil fuels, which drive the climate crisis. This is a real threat to life on Earth and it makes me afraid for the future.”

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Rick Mills, Friends of the Earth member, said: “Gwynedd Pension Fund has a policy of engaging with fossil fuel companies, trying to persuade them to improve their practices. 

“But positive outcomes are too few in number and too slow in coming. Divestment would send a much clearer message on the need to accelerate the move away from oil, coal and gas. 

“Cardiff Council voted to divest pensions from fossil fuels in 2019, and it’s surprising that Gwynedd is so far behind.”

Paula Calvert, a member of Gwynedd Pension Fund, added: “I think that many of the fund’s members will be surprised to hear that investment in fossil fuels is still happening. 

“Switching these investments to other local projects with reliable returns, such as community renewable energy schemes, would make financial sense and help protect the planet from further destruction.”