Your Retirement Fund And Climate Change

In Ireland, the Fossil Fuel Divestment Bill passed through parliament. It mandates that all public investments by the state in fossil fuel companies to cease. Currently that investment amount exceeds €300m ($350m) in 150 fossil fuel companies that have at least 20% or more dealings in coal, oil, gas and peat.

Divestment of public funds in fossil fuel companies is happening all over Europe.

“Norway’s huge $1tn sovereign wealth fund has only partially divested from fossil fuels, targeting some coal companies, and is still considering its oil and gas holdings.” H/T The Gaurdian.

According to the “Fossil Free Europe” website, “Fossil fuel companies are driving the climate crisis”. Their purpose is to “chip away at their (fossil fuel companies) power to carry out their immoral business plans”.

So, it is Europe’s opinion that climate crisis (aka global cooling, aka global warming, aka climate change) is caused by immoral fossil fuel companies. Here at least we discover their target, and their real political and social agenda. (Notice social and political agenda have nothing to do with climate). But this is not about that.

My questions are these. What are they going to invest in with all those millions, billions and trillions of dollars that they will no longer invest in fossil fuel companies? Is not the purpose of investing public funds to garner the highest return for the investor? (Notice I didn’t use that dreaded and foul word, “profit”). Have these European countries found a better rate of return in some other industry? Is this investment scheme going to lose money and weaken pensioners retirement funds all because of the global cooling, global warming, climate change and now renamed to climate crisis political/social agenda?

Is this divestment consistent with the point and purpose of investing? Is this in the best interest of the public and their money?

The EU wanted the US to spend billions if not trillions on their climate change agenda. Now European countries are diverting the public’s pension monies away from anything fossil fuel and putting those funds……where? I haven't found a news outlet yet that is reporting where trillions of dollars are being diverted to.

Look out to all of you that let a company invest your hard earned dollars for you. Make sure that they have your pension at best interest and not the left’s political and social agenda.

Bill Hitchcock