Gwynedd shows leadership and sets an example by taking Wales’ Wellbeing of Future Generations Act as a true principle that guides real financial decisions.
Cyngor Gwynedd Councillor, Beca Roberts, is pleased to receive the support of full council at Caernarfon today (2 October), for Gwynedd to be responsible to pensioners and communities whilst at the same time becoming carbon net zero in its pension investment fund.
“This motion might sound on the surface, as if it’s about pensions and investments. But it’s really about something much bigger. It’s about how we, in Gwynedd, choose to invest the money we are responsible for.
“Do we use it to help build the future we want to see? Or do we let it quietly feed into the very industries that are destroying that future?”
Councillor Roberts was keen to seek support from fellow Gwynedd Councillors to ask the Pensions Committee and the Wales Pension Partnership, to look seriously at how Cyngor Gwynedd could move pension finances away from fossil fuel investments — and do so in a transparent, responsible and legal manner.
“To me, it is pretty clear cut. Protecting pensions means putting money into industries that are thriving. Fossil fuel is becoming more and more hazardous as the world shifts its priorities to clean energy. Surely investing in future industries should be our priority in Gwynedd? Renewable energy, housing, infrastructure — the things that will still be standing strong in 30 years’ time, when today’s workers are drawing their pensions?
“Here in Wales, we are in a unique position as passing the Wellbeing of Future Generations Act makes us, by law, think about today, tomorrow and future years. It concentrates our mind on the ones who follow us.
“It is one of the most radical, hopeful and difficult promises a nation can make. Those future generations: our grandchildren and great-grandchildren are not able to stand here and argue their case. They cannot bargain with us. So, we need to make the right choice for them here today. That is what this motion is really about.
In a second element to the notice of motion, Councillor Roberts asks for councillors’ support to call on the UK Government to establish an annual conference on ethical and sustainable investing with a view to promoting the best use of the funds available.
“This is particularly important in my view so pension funds across the country can share best practice, and investment can be channelled into practical actions that benefit and support communities.”
“Gwynedd’s Pension Fund has only around 2.5% invested in fossil fuels. That is not an unsurmountable mountain to overcome, in my view. It is something we can shift and could put that money to better use here in Wales.
“The UK Government has already announced it wants pension funds to invest more in UK assets — at least 5% by 2030.
“By taking that 2.5% and investing in renewable energy, affordable housing and local infrastructure they would directly support our own communities. They would give a return not just in financial gains but in real improvements to people’s lives.
“This motion is not about being reckless. It is about being responsible — to our pensioners, to our communities, and to the future. I want us to be able to say to the generations that follow us: we did everything we could. This motion is a step towards that future. I am pleased fellow councillors supported my call today."