Enfield MPs set an example on fossil fuel divestment

Members of environmental campaign group Divest Enfield are celebrating the fact that all three Enfield MPs have now thrown their weight behind fossil fuel divestment campaigns. Divest Enfield is calling on Enfield Council to follow the parliamentarians' example and stop investing in fossil fuel companies.

In response to appeals from constituents, Edmonton MP Kate Osamor and Enfield North member Joan Ryan last week both signed the Divest Parliament campaign pledge. They join Southgate MP Bambos Charalambous, who had already signed, and a further 180 MPs from across the political spectrum.

"Enfield Council, please follow Joan, Bambos and Kate’s lead"

Georgina Bavetta, Divest Enfield spokesperson, says that by engaging with their own pension fund, MPs have the opportunity to show crucial leadership on climate change, responsible investment and the transition to a sustainable economy:

“We are really happy that all of Enfield’s MPs now accept the rationale behind divesting from fossil fuels. They have demonstrated with their leadership that fossil fuel companies are increasingly financially risky and morally dubious. After last summer’s heatwaves, it’s clear that we need to act now to stop climate change and a necessary step is to divest from the fossil fuel companies that have created this crisis.

"Now that Enfield’s MPs have accepted the principle of fossil fuel divestment, we urge their colleagues on Enfield Council to follow, and heed our call to divest the £60 million they have invested in fossil fuel companies via the Council pension fund. The time to act is now – Enfield Council, please follow Joan, Bambos and Kate’s lead.”

Why divest?

The fossil fuel divestment movement believes that fossil fuel companies are using their money, power and influence to block every serious attempt to stop climate change. The act of divestment aims to toxify their reputation and build political support for climate action. Institutions worth a combined $6.24 trillion US dollars have already committed to divest. Prominent divestment supporters include Archbishop Desmond Tutu, Pope Francis, and the Mayor of London, Sadiq Khan.

Campaigners say that fossil fuel investments are not just unethical - they are also increasingly risky because action on climate change could render them worthless – creating ‘stranded assets’ that cannot be burned safely. These warnings have come  from serious financial commentators including the Governor of the Bank of England, Mark Carney..