Climate organisations are calling for a Glasgow City Council's pension fund to divest from fossil fuels, after "dissapointing" new figures were published. 

Figures showed that the Strathclyde Pension Fund (SPF), managed by the council, has an estimated £709 million invested in fossil fuel companies. 

The figure includes an estimated £530 million of the fossil fuel investment outsourced to third parties, which have tripled since 2017.

Geraldine Clayton, Strathclyde fund member and campaigner with Divest Strathclyde, said: "Our pension funds are meant to be all about planning for the future.

"Every pound currently being invested in fossil fuel companies is funding activity that is endangering our future. How can Glasgow claim to be addressing the climate emergency when the council pension fund is invested in climate polluters?

"We need to take our money out of fossil fuel and invest it instead in renewable energy and other sustainable industries."

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The figures come days before City Councillors are due to debate divestment. 

SPF rejected divestment and described the fund as an "activist investor" which will challenge the fossil fuel companies to back renewable energy. 

A spokesman for Strathclyde Pension Fund said: “SPF has consistently led among investors in supporting a just transition to a low carbon economy.

“However, divestment does nothing to address the climate emergency and is neither far-reaching nor radical enough to mitigate the immediate and long-term risks that climate change poses for investors.

“Instead, the fund has chosen to be an activist investor; challenging companies to improve their performance, backing renewable energy and empowering managers to make decisions that reflect its belief that climate change is a major and structural risk for the global economy."

However, the figures obtained with a freedom of information request to the SPF demonstrate a "lack of progress" from the 2017 assessment, despite the council declaring a climate emergency in 2019. 

Depute convener of UNISON Scotland Stephen Smellie said: "UNISON is disappointed in the lack of progress SPF have made in addressing climate change.

"Their continued investment in fossil fuels makes them more part of the problem than part of the solution that they could be.

"UNISON will continue to campaign for Strathclyde Pension Fund and the Councillors who sit on it, to face up to their responsibilities and begin a process of divesting from those companies who are destroying our climate."

Climate activists urge for divestment ahead of the 2020 UN climate talks which will be hosted by Glasgow City Council. 

Margaux Marshall from Extinction Rebellion Glasgow said: "The Strathclyde Pension Fund consistently charts in the two top largest investors in fossil fuels amongst the UK’s public pension funds.

"With the UN Climate talks coming to Glasgow in November, all eyes will be on the city to show climate leadership.

"We hope this major civic institution will act in the interests of current and future pensioners, as well as for the wellbeing of all, in committing to divest from fossil fuel companies"

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Other groups have emphasised that they believe divestment is an "unprecedented" opportunity to tackle the climate crisis. 

Cathel Hutchison from Fossil Free Glasgow emphasised that: "Divestment offers an unprecedented opportunity for the SPF to chart a more ethical and sustainable course.

"We challenge them to follow in the footsteps of institutions such as the Rockefeller Brothers Fund, by committing to re-invest in companies working to reduce pollution, create innovative renewable energy solutions, and support a just transition at home and in developing countries."

The data raised specific concerns of investment into companies such as Shell, ExxonMobil, Chevron, Total, and ENI.

SPF also bought an £8 million stake in oil company BP, months after the City declared a climate emergency.

A spokesman for SPF added: “The fund is continuing to develop how it measures and analyses its carbon exposure and will fully integrate this with its financial modelling.

"This will allow it to set a clear objectives on climate change and steer future investment.”

The data is published in conjunction with local volunteer groups Divest Strathclyde and Fossil Free Glasgow.