Executive Agenda - 14 September 2021, 09:00 Help

A meeting to be held at Remote at 09:00 on 14 September 2021.

Number Item
Record of Votes View Papers
In accordance with Section 43 of the Local Government in Scotland Act 2003 the Convener has directed that this meeting will be conducted in such a manner as to allow remote attendance by elected members.

In accordance with Section 50A of the Local Government (Scotland) Act 1973 the public are excluded from this meeting as it is likely that, if members of the public were present, there would be a real and substantial risk to public health due to infection or contamination with coronavirus.

The meeting will be livestreamed via the Council website at:-

2Declarations of Interest

Members should declare any financial and non-financial interests they have in any item of business at the meeting, identifying the relevant agenda item and the nature of the interest.
3Motion referred to the Executive under Standing Order 31

The following motion was referred from Council to the Executive on 24 August 2021. Discussion was continued to this meeting.

Falkirk Pension Fund

Council recognises that the Falkirk Pension Fund supports low carbon initiatives through its direct investment portfolio, but is concerned that the Fund retains large holdings in fossil fuel industries that are driving the climate and ecological emergencies and perpetuating global inequalities;

Council notes the Council's fiduciary duty as administering authority for the Falkirk Pension Fund must be paramount in all decision making around the pension fund;

Council notes the calls made over many years from campaigners on the issue of fossil fuel divestment and notes that many other major public and private institutions have already made and acted on commitments to fossil fuel divestment, demonstrating leadership on the climate emergency at the same time as protecting the long-term interests of their individual investors;

Council believes that in the year of the COP26 climate summit, when the eyes of the world will be on Glasgow we, Falkirk Council, must show climate leadership;

Council therefore resolves to ask the Pension Committee to make a formal commitment to fossil fuel divestment prior to COP26, with the intention of divesting completely as quickly as possible, and no later than 2030; and that it further considers how it can reinvest the Pension Fund Members' hard-earned money to drive a green recovery for the Falkirk council area;

Council notes that the newly created post of Climate change co-ordinator which will play a key role in identifying opportunities for investment, from potential investors including the pension fund, in to the transformational projects required to deliver a green transition and recover from the pandemic, and

Council notes that the oil and gas industry supports up to 135,000 jobs in Scotland and that these jobs are particularly important in and around Grangemouth. Council believes in a managed transition away from fossil fuels and a just transition for those employed by the oil and gas industry. This Council further notes that many of those companies that would be classified as 'fossil fuel' companies are also those which are making significant investments into the Research and Development of new clean technologies.

Proposed by Councillor Garner
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