Derbyshire climate investments

Image by Sebastian Ganso from Pixabay

Opposition to solar and wind farms, net zero and disbelief in man-made climate change have not prevented a Derbyshire council continuing to invest more than £1.9 billion in all those areas.

In late August Councillor Alan Graves, Reform UK leader of Derbyshire County Council (DCC) said he did not believe that climate change was man-made.

Earlier in the same month, the council eradicated climate change, fossil fuels and net zero from all of its legally mandated environmental policies.

In January, the council scrapped a net-zero commitment with the quarrying industry; last May, Cllr Graves said net zero was “the opposite of a priority for us” and in September dubbed it “stupid”.

Last October, the council passed a motion opposing large-scale solar farms and battery storage developments on greenfield and agricultural sites.

In May last year, shortly after taking control of the authority, the Reform administration scrapped the council’s committee on climate change, biodiversity and carbon reduction.

Reform UK nationally opposes new onshore wind and large-scale solar projects across England and Wales and has said it would use local council powers to block new schemes.

Meanwhile, the county council, via the £7.7 billion Derbyshire Pension Fund it manages, is currently investing more than £1.9 billion into areas opposed or disbelieved by its political leadership.

Council reports show:

• £2.8 million is invested in Foresight Solar Fund
• £5.3 million is invested in Bluefield Solar Income Fund
• £6.4 million is invested in the Renewables Infrastructure Group
• £15.4 million is invested in Greencoat UK Wind
• £31.8 million is invested in BlackRock Global Renewable Power Funds
• £55.6 million is invested in Macquarie GIG Renewable Energy Fund
• £58.9 million is invested in Schroders Greencoat UK Fund (for renewable energy)
• £634.4 million is invested in LGPS Central All World Equity Climate Multi Factor Fund
• £1.12 billion is invested in LGIM MCSI World Low Carbon Target Index Fund

Other funds not listed above also involve investments into renewable energy and low carbon or net zero initiatives.

Requests for comment were made to Cllr Graves, along with deputy leader Councillor Stephen Reed and cabinet member for the environment, Councillor Carol Wood, but no response has been received as of this article’s publication.

Councillor Gez Kinsella, Green Party Group leader, said: “The Derbyshire Pension Fund invests in renewables, and why wouldn’t it when the Confederation of British Industry states the green economy is the fastest growing economic sector? 

“This is awkward for Reform, whose leader denies climate change is a result of human activity. 

“We welcome investment in renewables, but need to go further by listening to both the financial experts and public opinion. The Green Party are asking for the disinvestment in all fossil fuels.”

Meanwhile, Councillor Alex Dale, Conservative opposition leader said: “The Derbyshire Pension Fund exists to secure the best long-term outcomes for its members, and its investment decisions should be made on that basis – not according to the political preferences of whichever party happens to be running DCC.

“When campaigners previously sought to use the pension fund to pursue a political policy of divestment from fossil fuels, we opposed that approach. 

“We would be equally opposed to anybody now attempting to impose an anti-renewables policy on the fund.

“The fund represents employees and pensioners from a range of organisations across Derbyshire, not simply the county council, and politicians should be extremely cautious about treating their pension savings as a vehicle for political campaigning.

“If investments in renewable energy or low-carbon funds provide an appropriate return and meet the fund’s investment strategy and fiduciary responsibilities, then that is a matter for the fund to determine on the merits of those investments.”

The Derbyshire Pension Fund, administered by the council, has 100,000 paying members, including teachers, care home staff, cleaners, firefighters and employees at the county, city and 10 district and borough councils.