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Mass data release: £14 billion risky fossil fuel investments by UK councils revealed

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Data released today shows UK local authorities have invested £14 billion of their pension funds into fossil fuels. This is the first time that the £231 billion investments of all 418 local councils have been broken down and released publicly. The data ranks local councils by their fossil fuel exposure and reveals both the financial threat to pensions and the climate risks. #DivestPensions.

Danni Paffard of 350.org said: “Public investments in fossil fuels are fuelling dangerous climate change, and present a threat to the pensions of 4.6 million public sector workers. There’s a strong ethical and financial case for local councils to divest from fossil fuels and reinvest into infrastructure fit for the 21st century.”

The data and online map released by 350.org, Platform, Community Reinvest and Friends of the Earth ranks councils by their fossil fuel investments, and allows residents to see what their local council has invested into. The data suggests councils are failing to properly manage the financial risks of investments in fossil fuels nor take responsibility for climate action.

The accompanying briefing analysing the data for Local Authority Pensions shows:

– UK local councils have invested £218 per resident into risky fossil fuels. Greater Manchester invests £483 per resident.

– The largest investments have been made by Manchester (£1.3 billion), Strathclyde (£750m) and West Yorkshire (£670m).

– Over 6% of local government pensions are invested in fossil fuels. Merton (11%), Worcestershire (10.7%) and Camden (9.5%) have especially high exposure.

– Three quarters of direct fossil fuel shareholdings are in only ten companies, headed by BP and Shell.

Reinvesting the £14 billion of fossil fuel shares into local infrastructure could enable UK councils to safeguard pensions and generate sustainable returns by:

– Building over 200,000 new homes for social housing, or

– Placing solar panels on 2 million homes, 10,000 schools and 20,000 public buildings, adding 8.9 GW of electricity capacity – more than Scotland consumes.

“Instead of wasting £14 billion of public pensions on multinational climate wreckers, we could reinvest into renewables and housing that serve local residents, create jobs and safeguard pensions.” – Mika Minio of Platform

Jane Ivimey, a local authority pension-holder and member of Fossil Free Oxfordshire, said: “We don’t want fossil fuels to destroy our pensions, and we don’t want our pensions to destroy everyone’s future.”

Kirsty Noble, Strathclyde Pension Fund member said: “Local governments and their pension funds really have to take the lead in action to avert climate change – whatever the rest of us do individually is small in comparison with the potential for government action. Given the growing understanding of the need to ‘keep it in the ground’ these investments are increasingly risky and the local authority funds seem to be overexposed to this risk.”

12 new local campaigns calling for their council to divest from fossil fuels will also launch today, adding to the 18 existing initiatives. Oxford and Bristol City Councils have already taken a lead in making fossil free commitments, joining 50 cities internationally and larger institutions like the Norwegian Government Pension Fund. There are 389 institutions globally that have committed to divest.

“Most of the world’s oil, coal and gas has to stay in the ground to prevent runaway climate change. Local government can help protect all our futures by taking pension investments out of these planet-wrecking corporations.” –  Simon Bullock , senior climate and energy campaigner at Friends of the Earth

“Local residents and pension-holders won’t be happy that their money is funding climate change. Today we’ll be calling on Greater Manchester to stand on the right side of history and divest from fossil fuels.”  – Ali Abbas, Friends of the Earth Manchester, launching a campaign today targeting the Greater Manchester Pension Fund.

Campaigns to divest have been boosted by increased awareness of the financial risks to investors of ‘stranded’ fossil fuel assets, associated with (but not exclusive to) the need to leave 80% of known fossil fuel reserves unburnt to prevent catastrophic climate change. The Bank of England and G20 Financial Stability Board are currently investigating the risk to the economy of the ‘Carbon Bubble’. A recent analysis found that California’s public pension funds, CalPERS & CalSTRS, incurred a combined loss of over $5 billion in the last year alone from their holdings in the top 200 fossil fuel companies.

Natalie Smith, Lawyer of Client Earth commented: “There is a growing body of evidence suggesting that the financial risks associated with climate change will impact investment portfolios. If pension fund trustees fail to properly manage these risks in their investment decision-making process, and there is a consequential decline in value of the pension pots of members, then trustees and investment managers could be sued for breaching their fiduciary duties.”

In March 2014, following a clarification from the UK Law Commission on the interpretation of fiduciary duty, the Local Government Association (LGA) (England & Wales) published a legal opinion on how fiduciary duties affected the scope for a Local Government Pension Scheme (LGPS), concluding that “the precise choice of investment may be influenced by wider social, ethical or environmental considerations, so long as that that does not risk material financial detriment to the fund.”

Environment

5 Eco-friendly Appliance Maintenance Tips

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Eco-friendly Appliance
Shutterstock Photos - By Punyhong | https://www.shutterstock.com/g/punyhong

Modern day society is becoming ever more conscious about the effects of human consumption on the environment & the planet.

As a collective, more people are considering taking action to positively counteract their environmental footprint. This is accomplished by cutting down on water consumption, recycling and switching from plastic to more sustainable materials. Although most people forget about the additional things that can be done at home to improve your individual eco footprint.

Appliances, for example, can be overlooked when it comes to helping the environment, despite the fact they are items which are found in every household, and if they are not maintained effectively they can be detrimental to the environment. The longer an appliance is used, the less of an impact it has on the environment, so it is essential for you to keep them well maintained.

If you’re considering becoming more eco-conscious, here are 5 handy appliance maintenance tips to help you.

Don’t Forget to Disconnect From Power First

General maintenance of all your appliances start with disconnecting them from power; microwaves, washing machines and ovens all use residual energy when plugged in, so it’s essential to unplug them.

Disconnecting the plugs can help keep them in their best condition, as it ensures no electrical current is running through them whilst they are supposed to be out of use. Additionally, this can help you save on energy bills. By doing this you are minimising your energy footprint.

Here we break down 4 tips to keep the most popular household appliances maintained.

Eco-Friendly Oven Maintenance

Ovens generally require very little maintenance, although it is essential to stay on top of cleaning.

A simple task to make sure you don’t have any issues in the future is to check the oven door has a tight seal. To do this ensure the oven is cold, open the oven door and use your hands to locate the rubber seal. You can now feel for any tears or breaks. If any have occurred simply replace the seal. More oven tips can be read here.

Eco-Friendly Refrigerator Maintenance

When keeping a fridge in good condition, don’t forget about exterior maintenance. Refrigerator coils, although an external fixture, can cause damage when overlooked.

Refrigerator coils can be found either at the front or rear of a fridge (check you user manual if you are unsure of its location). These tend to accumulate various sources of dust and dirt over a substantial time-period, which clog refrigerator coils, causing the refrigerator to have to work twice as hard to stay cool. An easy tip to solve this is to periodically use a vacuum to get rid of any loose dirt.

Eco-Friendly Washing Machine Maintenance

Most people tend to remember the basics tasks for maintaining a washing machine, such as not to overload the machine, not to slam the door and to ensure the washing machine is on a solid and level platform.

In addition, it is necessary to routinely do a maintenance wash for your washing machine. This means running an empty wash on the highest temperature setting and letting it complete a full wash to erase any build up and residue. You should repeat this task at least once a month.

Try to schedule this task around your bulk wash load times to save on water consumption.

This will help keep your washing machine in peak working condition.

Eco-Friendly Dishwasher Maintenance Tips

Dishwasher maintenance can be simple if implemented after every wash cycle.

To keep your best dishwasher hygiene standards, scrape away excess food whilst making sure to keep the filter at the bottom of the cavity empty between cycles. This simple task can be highly effective at preventing food build up from occurring in your dishwasher.

If you need additional tips or tasks you, can reference your manufacturer’s guidebook to check for a full breakdown. You can also head to Service Force’s extensive database of repair and maintenance manuals – including extensive troubleshooting guides for all of the critical appliance maintenance procedures.

In conclusion, you can save both money and energy by keeping your appliances in peak condition. The steps outlined in this guide will help us all preserve the environment and reduce industrial waste from discarded appliances.

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Environment

Two Ancient Japanese Philosophies Are the Future of Eco-Living

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Eco-Living
Shutterstock Photos - By Syda Productions | https://www.shutterstock.com/g/dolgachov

Our obsession with all things new has blighted the planet. We have a waste crisis, particularly when it comes to plastic. US scientists have calculated the total amount of plastic ever made – 8.3 billion tons! Unfortunately, only 9% of this is estimated to have been recycled. And current global trends point to there being 12 billion tons of plastic waste by 2050.

However, two ancient Japanese philosophies are providing an antidote to the excesses of modern life. By emphasizing the elimination of waste and the acceptance of the old and imperfect, the concepts of Mottainai and Wabi-Sabi have positively influenced Japanese life for centuries.

They are now making their way into the consciousness of the Western mainstream, with an increasing influence in the UK and US. By encouraging us to be frugal with our possessions, (i.e. using natural materials for interior design) these concepts can be the future of eco-living.

What is Wabi-Sabi and Mottainai??

Wabi-Sabi emphasizes an acceptance of transience and imperfection. Although Wabi had the original meaning of sad and lonely, it has come to describe those that are simple, unmaterialistic and at one with nature. The term Sabi is defined as the “the bloom of time”, and has evolved into a new meaning: taking pleasure and seeing beauty in things that are old and faded. 

Any flaws in objects, like cracks or marks, are cherished because they illustrate the passage of time. Wear and tear is seen as a representation of their loving use. This makes it intrinsically linked to Wabi, due to its emphasis on simplicity and rejection of materialism.

In the West, Wabi-Sabi has infiltrated many elements of daily life, from cuisine to interior design. Specialist Japanese homeware companies, like Sansho, source handmade products that embody the Wabi-Sabi philosophy. Their products, largely made from natural materials, are handcrafted by traditional Japanese artisans – meaning no two pieces are the same and no two pieces are “perfect” in size or shape.

Mottainai

Mottainai is a term expressing a feeling of regret concerning waste, translating roughly in English to either “what a waste!” or “Don’t waste!”. The philosophy emphasizes the intrinsic value of a resource or object, and is linked to hinto animism, the notion that all objects have a spirit, or ‘kami’. The idea that we are part of nature is a key part of Japanese psychology.

Mottainai also has origins in Buddhist philosophy. The Buddhist monastic tradition emphasizes a life of frugality, to allow us to concentrate on attaining enlightenment. It is from this move towards frugality that a link to Mottainai as a concept of waste can be made.

How have Wabi-Sabi and Mottainai promoted eco living?

Wabi-Sabi is still a prominent feature of Japanese life today, and has remained instrumental in the way people design their homes. The ideas of imperfection and frugality are hugely influential.

For example, instead of buying a brand-new kitchen table, many Japanese people instead retain a table that has been passed through the generations. Although its long use can be seen by various marks and scratches, Wabi-Sabi has taught people that they should value it because of its imperfect nature. Those scratches and marks are a story and signify the passage of time. This is a far cry from what we typically associate with the Western World.

Like Wabi Sabi, Mottainai is manifested throughout Japanese life, creating a great respect for Japanese resources. This has had a major impact on home design. For example, the Japanese prefer natural materials in their homes, such as using soil and dried grass as thermal insulation.

Their influence in the UK

The UK appears to be increasingly influenced by thes two concepts. Some new reports indicate that Wabi Sabi has been labelled as ‘the trend of 2018’. For example, Japanese ofuro baths inspired the project that won the New London Architecture’s 2017 Don’t Move, Improve award. Ofuro baths are smaller than typical baths, use less water, and are usually made out of natural materials, like hinoki wood.

Many other UK properties have also been influenced by these philosophies, such as natural Kebony wood being applied to the external cladding of a Victorian property in Hampstead; or a house in Lancaster Gate using rice paper partitions as sub-dividers. These examples embody the spirit of both philosophies. They are representative of Mottainai because of their use of natural resources to discourage waste. And they’re reflective of Wabi-Sabi because they accept imperfect materials that have not been engineered or modified.

In a world that is plagued by mass over-consumption and an incessant need for novelty, the ancient concepts of Mottainai and Wabi-Sabi provide a blueprint for living a more sustainable life. They help us to reduce consumption and put less of a strain on the planet. This refreshing mindset can help us transform the way we go about our day to day lives.

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