Pyjama protest outside Manchester authority’s offices against pension fund’s £1bn fossil fuel investments

Pyjama-clad protestors staged a demonstration in Manchester urging the city-region’s pension fund to divest from fossil fuels.

Demonstrators massed at 8am on Wednesday (3 November) outside the Greater Manchester Combined Authority (GMCA) offices to “wake up” leaders over the issue.

The Greater Manchester Pension Fund (GMPF) has more money invested in fossil fuels than any other public sector fund in the country, with over £1bn thought to have been ploughed into oil, coal and gas as of last year.

Fossil Free GM wants the pension fund to divest from fossil fuels in favour of cleaner, greener industries and is hoping to secure the backing of Greater Manchester Mayor Andy Burnham over the issue.

What was the pension fund protest?

Campaigners turned up outside Churchgate House, where the GMCA is based, many of them dressed in pyjamas, dressing gowns and slippers to illustrate that they wanted to “wake up” the authorities on pension fund divestment.

Around 50 demonstrators shouted slogans such as: “Wake Up Burnham” and: “No More Climate Deaths” while placards had pictures of alarm clocks on them.

As well as Fossil Free GM, which is a coalition of organisations dedicated to getting the fund to divest within the next few years, the event was attended by trade unionists from Unite and Unison.

The protest was one of a number of demonstrations held across the country on Wednesday, the day the COP26 climate summit in Glasgow turned its attention to finance.

The organisers said tackling climate change is not just something for global leaders but an issue local government has to actively work on through moves such as ploughing civil servants’ pension money into renewables and sustainable investments rather than oil, coal and gas companies.

What did the campaigners say?

Maggie Walker from Fossil Fuel GM said: “Investing our pensions in fossil fuel companies is financially risky as well as morally wrong.”

“We want Andy Burnham to work to ensure that our pension fund is run in line with GM’s ambition to be a green city.

“This means that the GM pension fund, run by Tameside Council, should develop a clear plan to get rid of their climate damaging fossil fuel investments soon. 2050 is far too late for this basic step in addressing the climate emergency.

“Mr Burnham should call on GMPF to follow his lead and not sleep-walk into supporting climate breakdown.

“I’m so shocked that our GM fund has been named the dirtiest fund nationally with £1bn invested in fossil fuel companies.

“I’d expect them to join 150 pension funds including New York, NEST and the Dutch Government Pension Fund -ABP and commit to divest now.

“Even more horrifying, they have actually recently increased fossil fuel investments including in coal-mining companies.”

Joan Bennett, another campaigner who attended the protest, said: “As a GMPF pensioner, I’m really sad to see Andy Burnham hiding behind the excuse that he has ‘no jurisdiction over the pension fund.’

“Maybe not, but he has a massive amount of influence and should be working with the Greater Manchester councils to bring an end to the fund’s shameful investments.”

Unison member Sam O’Brien said the trade union had called on GMPF to divest and said Mr Burnham was “way behind the curve” on the issue.

What has the pension fund said?

Greater Manchester Pension Fund recently released a robust defence of its approach to investment when data was shared revealing the extent of its holdings in oil, gas and coal.

It said that divestment brought a risk that the companies would end up with stakeholders with no interest in tackling climate problems and it was better to use holdings as leverage to drive through changes to ensure a more sustainable future.

It also said that its investments included huge amounts of money going into renewable energy.

GMCA and the pension fund have been approached for further comment about Wednesday morning’s protest.