Drop Blackrock from the Torfaen run Pension Fund

Torfaen Borough Council run the Torfaen Pension Fund into which thousands of workers pay their pension contributions.One of the investment managers for this fund is Blackrock.Blackrock are heavily implicated in the ongoing destruction of the Amazon rainforest and other environments in the world.They have investments in soya production,cattle ranching,paper and pulp,oil drilling etc.They have been exposed by Friends of The Earth USA,Amazon Watch and Greenpeace for significantly contributed to the global catastrophe and climate change. There is a report entitled "Blackrock's Big Deforestation Problem "on www.amazonwatch.org and also reports on Blackrock's detrimental impact on the environment and biodiversity on www.stopthemoneypipeline.org 
Given the above and the fact that activists combatting forest destruction in the Amazon rainforest have been murdered l think Torfaen Borough Council should drop Blackrock for managing its Pension Fund. I daresay the workers will think the same given that they are informed of the facts. This is a deeply ethical and moral issue which cannot be excused simply by stating that "we can't drop Blackrock because we would loose millions of pounds"! Since when have we put the future of our children and the planet before profit? Tell me what price our beautiful Earth? So l ask you to display this idea so that the good people of Torfaen can vote on its implementation. 

Why the contribution is important

It is of vital importance because we have a rather obscene situation whereby workers pension contributions are profiting an investment company called Blackrock who are destroying the planet along with our children's futures and wellbeing.

by TerryBanfield on November 10, 2020 at 12:16PM

Current Rating

Average rating: 4.0
Based on: 5 votes

Comments

  • Posted by VeronikaBTorfaenCouncil November 10, 2020 at 12:25

    Thank you for contributing this idea to the challenge. Our impacts can often be hidden and investment is one of the issues that can be overlooked.
  • Posted by CAJacob November 11, 2020 at 15:05

    I support this idea as someone who campaigns for divestment from fossil fuels, and as a recipient of a local government pension fund, because returns on fossil based investments are declining, while carbon free energy investment returns is increasing.

    Investment management companies should reflect the urgent climate situation by relinquishing management of client investment of fossil fuels.

    The encouragent required for this to happen, is for those who have divested to change to an investment company who do not handle carbon investment. Not only would this encourage an environmentally friendly market driver, but also demonstrate to investment beneficiaries like myself, the commitment to action on declared climate action policies.

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