Subject: Notice of Motion referred from Council on the 3 February 2022

Date of meeting: 24 March 2022

Ward(s) affected: All

For general release

1. SUMMARY AND POLICY CONTEXT:

1.1 To receive the following Notice of Motion which was debated at and referred from the full Council meeting held on the 3 February 2022.

2. RECOMMENDATIONS:

2.1 That the Committee responds to the motion concerning the investment in funds which were connected to fossil fuels by the pension fund either by noting it or where it is considered more appropriate, calling for an officer report on the matter as requested, which may give consideration to a range of options.

3. CONTEXT / BACKGROND INFORMATION

3.1 The following resolution from the full council meeting held on the 3 February 2022 for the committee to consider is detailed below:

Fossil Fuel Non-Proliferation Treaty

This Council notes:

· Cities across the world have shown their commitment to tackling the climate crisis by endorsing the call for a Fossil Fuel Non-Proliferation Treaty

· BHCC’s pensions are held by the East Sussex Pension Fund, which still invests in fossil fuels

Preventing climate chaos requires the bulk of fossil fuels be left in the ground, leaving fossil fuel companies with stranded assets, meaning current shares are likely to be overvalued.

This council resolves:

(1) That the Chief Executive write to the East Sussex Pensions Committee expressing our request for a two-year timeline to divest from fossil fuels; highlighting that continuing to invest in stranded assets risks a failure of their fiduciary duty to pension scheme members,

(2) That Policy &Resources Committee be requested to commission a report:

· outlining options for removing BHCC pensions from the East Sussex scheme, and reinvesting them elsewhere; should ESPF fail to act swiftly to protect pensioners’ investments

· detailing how council can continue to support in principle the development of renewable technologies to phase out fossil fuels,

(3) To endorse the call for Fossil Fuel Non-Proliferation Treaty to:

· End new expansion of fossil fuel production

· Phase out existing fossil fuel production

· Invest in a transformational plan to ensure 100% access to renewable energy globally.

Supporting Information:

https://fossilfueltreaty.org/

Brighton & Hove City Council

Council

6.30pm 3 February 2022

Hove Town Hall - Council Chamber

MINUTES

Present: Councillors Robins (Chair), Mears (Deputy Chair), Allcock, Appich, Atkinson, Bagaeen, Barnett, Brown, Childs, Clare, Davis, Deane, Druitt, Evans, Fishleigh, Gibson, Grimshaw, Henry, Hills, Hugh-Jones, Lloyd, Meadows, Mac Cafferty, McNair, Miller, Nemeth, Peltzer Dunn, Powell, Shanks, Simson, C Theobald, West, Wilkinson and Williams.

PART ONE

75 Fossil Fuel Non-Proliferation Treaty

75.1 The Notice of Motion as listed in the agenda was proposed by Councillor Clare on behalf of the Green Group and formally seconded by Councillor Hugh-Jones.

75.2 Councillor Miller spoke against the motion and Councillor Appich spoke in favour of the motion.

75.3 Councillor Hugh-Jones noted the comments and sought the council’s support for the motion.

75.4 The mayor then put the following motion to the vote: