2. Business Statement and Announcement

Part of the debate – in the Senedd at 2:38 pm on 15 March 2022.

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Photo of Cefin Campbell Cefin Campbell Plaid Cymru 2:38, 15 March 2022

(Translated)

May I start by declaring an interest as a county councillor, for the next few weeks, because it is pertinent to the question that I'm going to pose?

Trefnydd, I'm sure that you, like me, have welcomed the statement made last week by the Wales Pension Partnership and the local government pensions scheme, in light of the appalling events in Ukraine, that these pension funds have decided to divest from companies from Russia as soon as practically possible. This was an excellent example of clear, unambiguous action by the pensions partnership, and what is possible as people take a stand on a point of principle.

Unfortunately, on the issue of climate change and moving away from fossil fuels, decisions by pension funds haven't been as swift and determined. I met recently with campaigners in my region to discuss this issue, and there is clear frustration in terms of the lack of progress made. We know that pension funds in Wales have over £500 million invested in fossil fuel industries. Having declared a nature and climate emergency in this place, I strongly believe that the Senedd needs to play a prominent role in this agenda.

I'm grateful to Jack Sargeant for introducing a statement of opinion recently on this issue, calling on the Government to take action. I wonder, therefore, Trefnydd, whether you would be willing to bring forward a statement or a debate in Government time that would set out the views and actions of Government on this issue, giving us an opportunity to outline opportunities and steps to support pension funds to deliver against divestment targets over the next years. I would be grateful, therefore, Trefnydd, if you would consider my request to allocate Government time to discuss this very important issue.