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Clean Energy Investments Have Been Showing Better Returns For 15 Years

Published on: 10 Oct, 2020
Updated on: 10 Oct, 2020

From: B Smith

I understand the type of pension fund Surrey holds is underwritten by our council tax. Does that mean the county council has to cover the losses and that will affect all of us residents because further cuts to public services will follow?

Presiding over losses this large is gross incompetence. Tim Evans, the chair of the committee should, beyond question, lose his seat in May 2021 elections over this.

Another point: Guildford is a commuter town. We all know the jokes about leaves on the tracks disrupting service. But the summer temperatures we are projected to hit in the coming years will warp the tracks beyond use, leaving commuters stranded.

We already had one landslide this year that shut the tracks. Rightly, SWR blamed more moisture in the atmosphere causing heavier rains and increasing risk of landslides. Add to that the threat the whole UK faces of food shortages.

Given that we import at least 50% of the food we eat, it is absolutely criminal that SCC continues to invest in the companies driving these issues and who refuse to change. What happened to putting constituents first?

Clean energy investments have been giving better returns than fossil fuels for 15 years. It’s a failure of common sense at best, immense stupidity and criminal neglect of residents’ futures at worst.

Engagement is not a strategy. It has worked approximately zero times when asking fossil fuel companies to change their business model. Less than 3% is being invested in clean energy by any of the fossil fuel corporations our pension funds prop up. Yet still Mr Evans and co think this a valid approach? It’s beyond belief.

This is gross incompetence, a dereliction of fiduciary duty to pension members, and morally bankrupt from a council who are effectively climate-change deniers with a 2050 carbon neutrality plan (20 years too late) which contains no substance.

This is an embarrassment to Surrey.

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Responses to Clean Energy Investments Have Been Showing Better Returns For 15 Years

  1. Martin Elliott Reply

    October 10, 2020 at 10:50 pm

    Unfortunately, B Smith’s understanding of the Pension Fund is misleading.

    Yes the SCC uses Council Tax to pay its agreed contributions into the Pension fund, but it does not underwrite the fund.

    Once paid there is no financial link between the SCC assets/revenue and the Pension Fund.

    The Clean Energy financial performance hides the Government’s massive political support. Even with it the background industry has left the UK. No wonder PM Boris Johnson wants to resurrect it.

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