Oxford City Council has passed a motion to divest from fossil fuels, making it the first local authority in the UK to do so.
The council has promised to make no direct investments in fossil fuel companies due to the potential impact of climate change and the continued consumption of polluting fossil fuels.
“We are proud that Oxford is the first local authority in the country to highlight the need to stop investing in fossil fuels,” said Councillor Ruthi Brandt, who seconded the divestment motion. She continued: “This is an industry that should be winding down rather than investing in more and more extreme forms of fossil fuel extraction. We hope we can get the City Council to extend its divestment plan to include indirect investments as well, since much of the money invested in fossil fuels is through such investments.”
The council’s move comes after heavy lobbying from Fossil Free Oxfordshire, who welcomed the move. Al Chisholm, who is involved in the campaign said: “We are delighted that the council has publicly recognised that the fossil fuel industry’s business model and activities are harmful and inconsistent with the council’s mission and values. This move denies the industry the economic and moral support of another public institution.”
.
However, the campaign will continue to lobby the council to extend its divestment commitment to include indirect investments too. Chisholm explained: “We are not about to stop here: As we approach the campaign’s first anniversary, this significant win only strengthens our resolve to persuade Oxfordshire County Council to move the £42 million its pension fund has invested directly in fossil fuel companies.”
Oxford has seen a huge groundswell of support for fossil fuel divestment, with campaigns to encourage the university and the church community to divest gaining traction. Oxford University boasts the largest endowment of any UK university and is set to hear a presentation on fossil fuel divestment from the university’s Socially-Responsible Investment Review Committee in November.
Commenting on the council’s decision, Michaela Collord of the Fossil Free Oxford University campaign said: “This is a big win for UK divestment, the first of its kind in the country. Oxford is sending a strong message to condemn the fossil fuel industry and its cynical efforts to block action on climate change.
“The council announcement comes at an excellent time to increase the pressure on other institutions in Oxford and the UK to take a stand on their involvement with the fossil fuel industry.”
.
