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Bristol MPs call for pension fund to go fossil free

On the eve of an international summit on climate finance, Darren Jones, Kerry McCarthy, Thangam Debbonaire  and Karin Smith join over 100 MPs to call on the Parliamentary Pension Fund to drop investments in oil, coal and gas companies.

The four Bristol Labour MPs are among a cross-party group of over 100 MPs (1) who demand that their £612 million MPs’ Pension Fund removes its substantial holdings from fossil fuel companies to reflect their concerns about climate change. The fund currently holds a £5.6 million stake in BP and £4.9 million in Shell.

 

This week, Labour Leader Jeremy Corbyn and Shadow Chancellor John McDonnell became the 99th and 100th MPs to sign the Divest Parliament pledge (2). This milestone comes as 50 heads of state, including UK Prime Minister Theresa May, arrive in Paris for an international summit on climate change and finance.

MPs are responding to a rising call for divestment, with over 800 organisations and investors worth over $5 trillion having already committed to divest from fossil fuels (3).

In a joint statement, Darren Jones, MP for Bristol North West, and the other MPs said:

“Two years on from the Paris agreement, and with the devastating impacts of climate change already apparent, there is no room for continued investment in companies whose business is incompatible with our climate obligations. It is vital that MPs show leadership on positive solutions to tackle climate change which benefit society and our constituents. We are therefore proud to support the call for our pension fund to divest from fossil fuels.”

Patrick Killoran  from the Divest Parliament campaign said:

‘ I’m deeply concerned about the impacts of climate change here and around the world. It’s great to see MPs listening to their constituents and showing political leadership on climate action.

Investing in companies such as BP and Shell, who continue to dig for more fossil fuels and lobby against climate policy to line executives’ pockets, is dangerous and wrong.

I hope more MPs will join those committing to Divest Parliament today, and prioritise concrete action to build a clean, fair energy system for all.”

Two years ago this week, the UK government joined nearly 200 nations in signing the Paris Agreement on climate change. To meet the commitment to limit global temperature rise to below 2°C, with the aspirational target of 1.5°C, scientists have warned the vast majority of the world’s known fossil fuel reserves must stay in the ground.

Yet, the Parliamentary Contributory Pension Fund (PCPF) continues to invest millions of pounds of MPs’ savings in fossil fuel companies. Both BP and Shell are among the fund’s top 20 holdings – along with mining firm Rio Tinto, British American Tobacco and Amazon -which were made available for the first time in March 2017. The pension fund has to date been unwilling to make public the full list of its investments.

With the value of fossil fuel companies’ stock based on their entire fossil fuel reserves–not just the small percentage that can safely be burned–these investments are not only environmentally destructive, but represent a significant financial risk. Meanwhile, the industry continues to funnel billions every year to find and develop yet more fossil fuel reserves. Both BP and Shell have been involved in lobbying against climate solutions, and BP was identified at the top of a list of firms obstructing climate action in Europe (4).

The 100 pledges follow the efforts of thousands of citizens across the UK, who have written to and met with MPs from the across the political spectrum, urging them to demonstrate their commitment to protecting our society and shared environment from the risks associated with burning and investing in fossil fuels.

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MP visits annual Foodbank collection in Horfield

Bristol North West MP, Darren Jones dropped-in to support volunteers and those donating at last weekend’s (2nd December) annual Foodbank #everycancounts collection.

Darren said:

“I stopped by North Bristol Foodbank’s annual collection in Tesco on Golden Hill in Horfield and it was heart-warming to see the generosity of shoppers and volunteers – over 2522kgs of donations were collected in three days. Whilst at the store, I met some of the Foodbank management and trustee team as well as new and experienced volunteers to find out more about the Foodbank’s work. Whilst I would prefer we lived in a country that did not require foodbanks, sadly more and more people are reliant upon them each year so it is good to see so many people supporting those in need”.

To find out more about North Bristol Foodbank please visit: https://northbristol.foodbank.org.uk/

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MP backs Small Business Saturday and visits Shirehampton Post Office

Bristol North West MP, Darren Jones backed small businesses this weekend by taking part in the annual celebration of small, independent businesses by visiting Pickles and Poppets in Westbury-on- Trym.

Darren also visited Shirehampton Post Office in the run-up to the busy Christmas period. Darren met the team who have worked hard to ensure the Post Office  was back up and running as soon as possible after the previous office was significantly damaged following an attack on the building’s ATM machine.

As the post office team were making final preparations to make Christmas 2017 as easy as possible for their customers, Darren Jones MP was shown first-hand the wide range of services available for customers designed to take the stress out of the demanding festive season.

Darren said:

“I supported Small Business Saturday this weekend as these businesses, as well as our Post Offices, are the lifeblood of our communities. We need to support our family-run, independent and high street businesses, especially in the run-up to Christmas where there’s a temptation to shop online. To help you locate small businesses, the Small Business Saturday team have launched a new Apple and Android mobile app which has close to 30,000 small businesses listed all over the country. It is really easy to put in your location and find lots of small businesses near you to visit all year round”.

Following the visit to the Post Office Darren said:

“It was fantastic to meet the team and customers at Shirehampton Post Office, they provide such a valuable service to the local community. I am so impressed by their dedication and hard work and wish them every success during this busy period.”