5. Member Debate under Standing Order 11.21(iv): Decarbonising public sector pensions

Part of the debate – in the Senedd at 3:58 pm on 25 May 2022.

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Photo of Jack Sargeant Jack Sargeant Labour 3:58, 25 May 2022

I'm grateful, Deputy Presiding Officer, for Members' contributions to this debate and the positive contributions from most Members of the Chamber this afternoon. I will start, Presiding Officer, in summing up—I'm not sure if the Member for the Vale of Clwyd had his Shreddies these this morning, or his Denbigh plum, but certainly I disagree with the majority of his contribution. But I do welcome his intention to abstain and the contribution that he did make this afternoon.

But I am determined, Deputy Presiding Officer, that this motion will be passed in this Senedd Chamber today, and we will demonstrate that Wales's national Parliament wants our public sector to be truly carbon neutral by 2030. I thank Members for their positive engagement, but also the work that they've done in previous years. I know Jenny Rathbone and Mike Hedges worked alongside, and Vikki Howells mentioned in her contribution our Members, when we were Assembly Members, our own pension funds and the work they've done successfully there. But Heledd Fychan mentioned something that really needs to be looked at by all Members of the Chamber when it comes to our support staff and their pensions scheme, and I would urge the Commission to also take note of that.

But, Deputy Presiding Officer, for the rest of the public sector to go carbon neutral and then for the public sector pension funds to invest in fossil fuel extraction would seem quite ridiculous. As Carolyn Thomas has said, we would be funding to save the planet if we did this right.

I also want to pay tribute here, in closing, to all the campaigners that have been working hard on this issue for many, many years. This debate today is about showing that real leadership from Welsh Government and sending a message to pension funds investors that there is a need for collaboration and there is a need to disinvest, and the future is not in fossil fuels.

As has been said in this Chamber, pension funds disinvested from Russia in a matter of days. I welcome Peter Fox's remarks and also recognise the good work, as Cefin Campbell has, of councils across Wales already. But this is about it being standardised across the whole of Wales. And, of course, Peter Fox mentioned the unintended consequences that might come with this. Well, we are giving them eight years to do this with a 2030 target, and it's that collaboration with Welsh Government to have those conversations, like the Minister said, with our colleagues and our trade unions to make sure there are no unintended consequences from any shift in this direction. But we are giving them eight years.

I want to just reflect on young people, our future generations, from the Bridgend youth strike for climate and those young people that Cefin Campbell described. The clock is ticking on this; we really do need to get moving, otherwise there will be no point in having pensions in the future anyway.

Presiding Officer, I'll end here by saying one thing, finally. This is a real opportunity to invest in the future of Wales, in our communities and its infrastructure. We cannot solve the climate emergency alone, but we can disinvest in our public sector pension funds, and, if we do so, Wales will be the first nation in the world to do that, and it will show that real, bold leadership to the rest of the world. Diolch yn fawr.