‘Climate justice’ protest outside East Sussex County Council headquarters in Lewes

Divest East Sussex have announced that their demonstration is set for 8.30am to 10am at County Hall, St Anne’s Crescent, on Thursday, November 21.

The group said this is the date of the final East Sussex Pension Committee meeting of 2024. The group added that the names of 1,667 institutions around the world ‘who have made some form of fossil fuel divestment commitment’ will be read out at the protest.

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Pension Fund member Sarah Hazlehurst said: “By clinging on to its remaining investments in fossil fuel companies the East Sussex Pension Fund and East Sussex County Council are effectively providing a fig-leaf for these companies’ ongoing attempts to block effective climate action and missing a huge opportunity to show real leadership on the climate crisis. It should be clear to everyone: if the Islington, Cardiff and New York City pension funds can all commit to stop investing in fossil fuels then so can the East Sussex Pension Fund. It’s time to for the Fund to finally start taking the climate crisis seriously and divest.”

Divest East Sussex said the protest also coincides with the COP29 international climate summit at Baku in Azerbaijan.

A spokesperson for The East Sussex Pension Fund said: “The Fund has a legal duty to ensure it can pay pensions to its 85,000 members when they reach pensionable age. Any changes to investments present significant risks to the Fund’s ability to pay money out.

“East Sussex Pension Fund does not invest directly in any company or asset but sets a strategy and invests through third party investment managers into pooled investments. The Fund is required to invest via a pool who selects the investment managers that deliver the strategy set by the Fund. Although it is for the investment manager to manage risk, the strategy is reviewed annually and each manager has an annual Environmental Social and Governance assessment and Climate score, with an action plan for improvement. Climate-related risks and objectives are taken into account in all parts of the investment strategy.

“Currently, just 0.4 per cent of the £4.68bn fund is invested in companies and assets that have links to fossil fuel extraction. Despite the level of exposure, divesting could cost the fund significantly, as it would need to sell the whole portfolio managed by an investment manager, as it cannot sell a specific company or asset in a pooled investment. The costs and regulatory environment must be taken into account when considering any options.”