A Green motion to Stockport Council’s July meeting has added to pressure on the Greater Manchester Pension Fund (GMPF) to divest from fossil fuels. However, the Labour and Liberal Democrat groups combined to thwart a stronger motion calling additionally for arms divestment.
The tabled motion from Stockport Council’s Green Group called on “the Council to build on its previous commitment to divest from fossil fuels and is asking for a new commitment by GMPF to divest from weapons companies.” This followed a successful one from Manchester’s Green Councillors last November. See here for more details on that motion.
Councillor James Frizzell proposed the motion saying: “The GMPF represents not just the savings of thousands of workers but also the values of the communities they serve. It must reflect the kind of future we want to build.”
“The current GMPF position on fossil fuels companies is that they are ‘at the forefront of investing in the new and renewable energies and technologies we need to transition to a lower carbon world.’ Meanwhile in the real world we know that these companies are rolling back on their climate pledges at an alarming rate, which will dramatically worsen the outcome for future generations.”
Councillor Frizzell then turned to arms investments saying: “They do raise an urgent ethical dilemma. While national security is important, funding the production and proliferation of weapons, many of which end up fuelling global conflict, is not how we uphold peace.”
“The GMPF has investments in several companies that supply weapons and military technologies to various countries. These companies profit from arms sales to states which break international law and carry out human rights abuses, including the ongoing genocide in Gaza, and the conflicts in Lebanon, Congo, Sudan, Ukraine and Yemen.”
“Divesting sends a powerful message – we want our money to build not destroy. Our pension fund should be a force for good, not a passive accomplice to the murder of innocent civilians, wherever they are.”
The Labour and Liberal Democrat Groups combined to put forward an amendment, maintaining the requested action on fossil fuel divestment but watering down sections on arms divestment to merely calling for transparency. The amended version passed. You can see both the original and amended motions on the Council agenda page here.
The Greater Manchester Pension Fund is run by the Labour controlled Tameside Council, who have so far resisted calls to divest, but that position will be increasingly difficult to sustain with pressure from Stockport and other Councils within Greater Manchester