Extinction Rebellion: Climate activists stage protest dancing to Stayin' Alive by Bee Gees in Edinburgh
Protesters said they are aiming to "highlight the flawed climate risk models used by pension funds and to call on the funds to stop investing in fossil fuels".
Wednesday 28 February 2024 14:26, UK
Climate activists danced to Stayin' Alive by the Bee Gees as part of a protest outside a pensions conference in the Scottish capital.
Campaigners from Extinction Rebellion Scotland, Divest Lothian and Global Justice Now Scotland joined forces for the demonstration outside the Edinburgh International Conference Centre (EICC) on Wednesday.
The Pensions and Lifetime Savings Association is currently hosting a three-day investment conference at the venue.
The activists said they are aiming to "highlight the flawed climate risk models used by pension funds and to call on the funds to stop investing in fossil fuels".
Elizabeth Matthews, from Extinction Rebellion Scotland, said: "The current flawed climate risk models used by pension funds are dangerous and foolhardy.
"If we are to have a viable economy for today's workers to retire into, it is critical that urgent action is taken to cut greenhouse gas emissions this decade.
"Pension fund managers must stop being duped by fossil fuel companies and act."
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Extinction Rebellion Scotland said, to date, 1,614 institutions around the world have "committed to divest $40.63tn from fossil fuel companies, including a growing number of pension funds".
Earlier this month, PFZW - the second largest pension fund in the Netherlands - said it had stopped investing in oil and gas companies that are not aligned with the Paris Agreement.
The campaigners highlighted recent reports by Institute and Faculty of Actuaries and independent financial think tank Carbon Tracker that claimed economic models used by pension funds "are significantly underestimating climate risk".
Joan Forehand, campaigner with Divest Lothian, said: "It is crystal clear from the reports we are highlighting today that the pension industry can no longer, in good faith, accept the woefully flawed climate risk advice they have been receiving.
"To act in the interests of their members they must unleash their vast investment resources into companies that are serious about driving down carbon emissions quickly.
"Remaining invested in fossil fuel companies is a recipe for climate and economic breakdown."
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Tiffany Tsang, head of DB, LGPS and investment at the Pensions and Lifetime Savings Association, said: "Extinction Rebellion Scotland, Divest Lothian and Global Justice Now Scotland were polite, fun and engaging in their interaction with our delegates this morning, reflecting their commitment to a productive dialogue on a sustainable future."
Ms Tsang said the association and its members take a "proactive approach" to environmental, social, and corporate governance (ESG) investing.
She added: "Addressing the challenges of net zero remains a priority for us. Sustainable investing is a key focus of our investment conference in Edinburgh, as it was at our dedicated ESG conference in November 2023."