Liberal Democrat Councillor Derek Heffernan will be proposing a motion to the next meeting of Oldham Council (Wednesday 20 March) asking the Greater Manchester Pension Fund to review its investments in fracking operations and in fossil fuels in light of the recent decision by the Mayor of Greater Manchester and the leaders of the ten local authorities making up the Greater Manchester Combined Authority to ‘presume’ against fracking when considering planning applications.

Councillor Heffernan, who has previously served as the representative of Oldham Council on the board of the Pension Fund, described it as a ‘dilemma’: “How can we retain investments in fracking and in fossil fuels when the presumption is because of their environmental impact that these are a bad thing and to be avoided? We need our pension fund managers to take a long hard look at the situation and to consider if they are doing the right thing in retaining these investments.”

The Motion reads:

Council notes that:

• Given the adverse impact of fracking, the Greater Manchester Combined Authority has recently agreed to put planning measures in place for a ‘presumption’ against fracking operations in Greater Manchester.
• Despite this, the Greater Manchester Pension Fund, as the largest in the country, has over £1.2 billion invested in coal, oil and gas companies, including over £150,000 invested with companies engaged in fracking operations in neighbouring Lancashire

Council therefore resolves to request the Chief Executive write to the Chief Executive of the Greater Manchester Pension Scheme and the Mayor of Greater Manchester asking them to review this position, and to take action to resolve this dilemma.

Proposed by:                                                         Seconded by:

Councillor Derek Heffernan                              Councillor Howard Sykes MBE