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Recently published research by the University of Augsburg shows that divestment works: 

  • Divestment resulted  in reducing  the divested company's share price 

  • The  divested companies reacted by cutting their carbon emissions



Watch this 5 minute video by the report's authors, explaining their results and methodology:

Read the report

You can find out more by
reading the full report here -
as you might expect, it is
thorough, detailed and convincing!

THE TIRED OLD OBJECTIONS TO DIVESTMENT              =>  THE REFRESHING NEW ANSWERS                                                                                     

There is no evidence that divestment works                       =>  There is now strong evidence!

Selling shares has no effect on price                                    =>  Yes it does!

A new buyer may not care about carbon emissions           =>  The divested company reacts by cutting its emissions!

Engagement has more effect                                                =>  NO! Divestment easily outperformed engagement in this study. 


Divestment makes your fund look superficially better       =>  Divestment makes a real world impact                                                                        

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whilst jeopardising the future of Surrey residents by investing in companies that are driving ecological collapse, mass extinction, and climate breakdown. 

Surrey Pension Fund Committee's refusal to divest the pension fund from fossil fuels has resulted in losses of over

 £130 mllion since May 2017

Yet the Pension Fund Committee for 5 years refused to even consider withdrawing investment from these slumping shares - and worse, the previous Chair of the Pension Fund, Tim Evans, called these losses 'not relevant'. We think the people of Surrey might hold a different view. These losses have to be paid for by Council Tax payers, albeit over a number of years.

BUT! Following May 2021 elections the Surrey Pension Fund committee has been repopulated, and better yet, there are now some excellent councillors on the SPF committee who understand the threat of the climate crisis, AND we hope will have enough common sense to acknowledge that investments in the worst performing sector are not something to blindly hold on to! 

News is coming thick and fast on the death throes of the fossil fuel industry, and in May 2021 the International Energy Agency released the most damning report to date on the future of fossil fuels, announcing the requirements to avoid climate catastrophe include, "From 2021: No new oil and gas fields approved for development; no new coal mines". 


Over the last 4 years, by continuing to own fossil fuels, SPF has pursued a climate risk strategy which was sub-optimal. Simultaneously, this strategy resulted in lower financial returns, increased risks and was morally indefensible.


In our assessment of Surrey Pension Fund's performance, we analyse six areas where SPF has fallen short, together with recommendations for a future which will protect the planet and benefit fund members and their pensions:


  1. Engagement, the Fund’s chosen investment strategy, isn’t working

  2. Abysmal financial returns from the fossil fuel sector.

  3. The risk of stranded assets vs the energy opportunity of this decade

  4. Fund members are ill-informed and not consulted

  5. The compelling moral argument for divestment.

   6. Border to Coast Pension Pool

And closing with SPAN's Recommended Actions

You can read the full report here (8 minute read), or go to 'About Us' for the summary.

While you're at it, check out the financial case for divestment of Surrey's pensions. 

Surrey Pension Fund still holds c. £80m in dirty fossil fuels and these risk becoming 'stranded assets' as the former Bank of England Governor Mark Carney warned.


It is ever more clear that the fossil fuel era is ending, signalled by the rapid growth in renewable energy supply, the mass production of electric vehicles and governments at last recognising the imperative to act."

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Foggy Forest

Pressure the pension fund

Host a talk about pensions, Surrey's losses, and climate breakdown

And get involved with campaigning

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"Climate breakdown could render investments held by millions of people worthless"

Mark Carney, former Governor Bank of England

Stoney River
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Get in touch with us today to:

- join our campaign 

- book a talk 

- get lobbying advice 

- hear global divestment news 

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