Extinction Rebellion Scotland, Divest Lothian, Friends of the Earth Scotland, and Protest in Harmony held a protest outside the Pensions and Lifetime Savings Association Investment conference in Edinburgh, calling on pension fund leaders to acknowledge the underestimation of climate risks and take bold action. The protesters, including a performance with singing and a “Big Oil Funk” dance, drew attention to the fact that pension funds invest over £1.3 trillion on behalf of 30 million people, yet many are still investing in fossil fuels despite the growing threat of climate change. A report by the Institute and Faculty of Actuaries and the University of Exeter found that climate risks are being underestimated by pension funds, which could lead to catastrophic consequences, including a 50% contraction of the global economy. The campaigners are calling for pension funds to conduct robust climate risk assessments, divest from fossil fuels, and advocate for policy changes to accelerate the energy transition. They warn that if pension funds continue to invest in fossil fuels, there will be no liveable planet or positive future for pensioners to retire into.
Mitigating the effects of climate change is a pressing concern for the NEN – North Edinburgh News.
