Dinosaurs joined protestors in cries of 'don't be a fossil fool' as they gathered outside County Hall to demonstrate against Derbyshire County Council's investment of pension funds in non-renewable energy.

Campaigners dressed as prehistoric creatures from Derbyshire Pensioners Action Group and Divest Derbyshire had a five-foot high oil rig prop with them when they protested outside the council offices in Matlock on Wednesday (2 February).

The demonstration was over £146million invested from the Derbyshire Pension Fund in fossil fuels, which the groups claim is not only fuelling the climate crisis, but also posing a financial risk to the fund itself.

Lisa Hopkinson, from Divest Derbyshire, said: “We have organised a webinar with a financial expert to present the evidence on why investing in fossil fuels is a risk.”

She said the protesters were appealing to members of the public to contact their councillors and encourage them to attend the webinar, which features Mark Campanale, founder of non-profit financial thinktank Carbon Tracker.

She added that by investing in fossil fuels, the authority was potentially put the pension fund at risk in a way that council lead to council tax rises and service cuts in the future.

Divest Derbyshire and Derbyshire Pensions Action Group cry 'don't be a fossil fool' to @Derbyshirecc members over pension fund investment in fossil fuel pic.twitter.com/cgHZaaGHIT

— Christina Massey (@_ChrisMassey) February 2, 2022

A Derbyshire County Council spokesperson said: “Consideration is given to the issue of climate change as part of the evaluation of all investment risks associated with the fund’s diverse portfolio.

“The pension fund’s published climate-related disclosures report the steps being taken by the fund to manage climate-related risk.

“Over the last few years, the fund’s investment in companies involved in the production of fossil fuels has been reduced significantly to around 2.5 per cent of the portfolio, at the same time the fund has made substantial new investments in global sustainable equities and renewable energy funds.

“The pension fund’s Climate Strategy was approved last year following consultation with stakeholders which involved writing to the fund’s members asking for their views.

“The strategy sets out support for the Paris Agreement and includes clear targets for reducing the carbon emissions of the whole equity portfolio and for increasing investment in low carbon and sustainable investments.

“The fund has reduced the carbon footprint of its equity investments by over 35% during the last year and has substantially increased its holdings in low carbon and sustainable investments. Further significant progress on both measures is expected this year on the journey to achieving a portfolio of assets with net zero carbon emissions by 2050.

“A Responsible Investment Framework was approved at the same time which sets out the fund’s approach to engaging with companies to influence their behaviour and enhance their value. Collaborative and co-ordinated engagement with other like-minded investors has the potential to drive positive changes to companies’ business models as they adapt for the transition to a low carbon economy.”

The Financial Risks of Fossil Fuel Investments webinar will take place on Tuesday, February 8, between 11am and noon.

For more information, visit The Financial Risks of Fossil Fuel Investment.

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