Campaigners on their way to County Hall, 21 March 2023. Photo: Natasa Leoni

County Council to debate fossil fuels next Tuesday (9 May)

Oil giants Shell and BP have just announced bonanza quarterly profits. East Sussex County Council (ESCC) will have to defend its continued investment in these climate-busting companies – and its failure to support a proper windfall tax on their profits – in a public debate on fossil fuel companies at County Hall in Lewes next Tuesday (9 May). Gabriel Carlyle reports.

The debate has been triggered by 5,236 people from across East Sussex and Brighton & Hove signing a petition demanding that ESCC ‘stops investing in fossil fuels, and that it publicly supports a proper permanent windfall tax on Big Oil and a rapid transition to a system that provides affordable green energy for everyone.’

Campaigners will be holding a rally outside County Hall from 9am, with the debate likely to begin not long after 10am.

The East Sussex Pension Fund, which covers Brighton & Hove as well as East Sussex, is administered by East Sussex County Council (ESCC). It currently has tens of millions of pounds of local people’s pension monies invested in the giant oil and gas companies, like Shell and BP, that are driving the climate crisis.

Despite an ever-growing list of local authorities backing divestment, the Fund has consistently refused to stop investing in these companies.

The lead petitioner, Brighton-based pension fund member Sarah Hazlehurst, will have five minutes to address the meeting, after which the Councillors will hold a debate. A vote on the petition’s demands is expected to take place following the debate.

Campaigners outside County Hall, 21 March 2023. Photo: Natasa Leoni

This will be the second time that members of the public have forced ESCC to debate its ongoing investment in fossil fuel companies. A previous debate (also triggered by a 5,000+ strong petition) took place in October 2019.

In September, UN Secretary-General Antonio Guterres stated that: ‘We need to hold fossil fuel companies and their enablers to account. That includes the banks, private equity, asset managers and other financial institutions that continue to invest and underwrite carbon pollution.’ He also called ‘on all developed economies to tax the windfall profits of fossil fuel companies. Those funds should be re-directed in two ways: to countries suffering loss and damage caused by the climate crisis; and to people struggling with rising food and energy prices’. Council Leader Keith Glazier has previously refused to support to such a tax.

‘It’s time for ESCC to get off the fence and support an end to this climate-busting hand-out to Big Oil.’

Sarah Hazlehurst said: ‘By clinging on to its remaining investments in fossil fuel companies, ESCC is effectively providing a fig-leaf for these companies’ ongoing attempts to block effective climate action. By contrast, a public commitment to ditch these investments (‘divestment’) would send a powerful signal to policymakers to get serious about tackling the climate emergency, which requires the rapid phasing out of fossil fuels. These companies are driving the climate crisis: it’s time for the East Sussex Pension Fund to make a public commitment to fully divest from them.’

A spokesperson for Divest East Sussex added: ‘The last 18 months have seen soaring energy bills push millions of UK households into fuel poverty – even as the giant fossil fuel companies have been making vast profits out of the crisis. Yet, outrageously, a massive loophole in the UK’s current ‘windfall tax’ is actually incentivising fossil fuel companies to pursue new oil and gas fields in the North Sea. Not only is this loophole clearly incompatible with international climate goals, but it’s been estimated that closing it would raise £22bn over the next six years. It’s time for ESCC to get off the fence and support an end to this climate-busting hand-out to Big Oil.’

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