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In February this year The Greens put a motion to Council that it shoule disinvest in anything that had any link to fossll fuels. An admirable target and somewhere the Council needs to get to it was explained very clearly by officers that to do it straightway would have catastrophic effects on the Councils finances and viability.
Heres how Glos news centre report the issues at the time .
"Councillor Mark Topping (G, Lydney West and Aylburton) called on the council to disinvest from the Schroders Income Maximiser Fund which is currently providing the authority with a return of 7.8%.He told the meeting in Coleford on February 16 that the council is giving money to the very thing they are trying to fight.“It’s crazy. It is not just ironic that we give money to the fossil fuel industry and declare a climate emergency on the other hand, it is pure madness,” he said.Finance cabinet member Richard Leppington (Progressive Independents, Bream) said the fund invests in Shell but it constitutes just 3% of the fund. The big oil and gas companies pay a lot of tax which supports services like the NHS and are investing in renewable energy technology, he said.“Selling up at this time would lose the council money. I cannot support an action which would damage this authority and in the future we may reconsider the investment,” he said.Officers also explained that it would cost the council £259,504 pa to disinvest. Councillor Philip Burford (I, Hartpury and Redmarley) accused the Greens of grandstanding. He said they would have the council lose its investment return to “do the good green things the council wants to do”.He asked how people are supposed to get to work and look after their families without fossil fuels if electric vehicles are also bad.He said: “It irritates me that members will come to this meeting and not think about our residents. We are all committed to a climate emergency and doing the right thing for the environment but it’s my belief that we should also be committed to doing the right thing financially so that the people of the Forest of Dean can live and prosper.”Councillor Andy Moore (G, Pillowell) said climate change was at the top of the council’s corporate priorities but is nowhere when it comes to where the council invests its money. He said: “We have to take our money and put it where our mouth is.”Conservative Cllr Nick Evans (C, Tidenham) asked why the Greens had not while they were in the cabinet. And council leader Tim Gwilliam (Progressive Independents, Berry Hill) defended the work the authority has done to reduce its carbon emissions over the last five years.“Much of it was pushed by the two [Green] former cabinet members. I find it disingenuous that they should slight us in the way they are doing.“There is a climate emergency. We are trying to take it seriously but we have to do it in a way we can afford to do it.”Cllr Gwilliam said the return from much of the investment may have gone towards carbon reduction such as solar panels."
So over a quarter of a million pounds would be lost to the council budget ,without any equal or near equal replacement. Devastating to a Council the size of the Forest of Dean and would almost certainly mean cuts to other sevices.
Please note in the text the quotes in bold. In February Cllr Burford was open in his anger at the Green party proposal.
The Green Party in May, when positioning themselves to take over the administration following the election ,supported Cllr Burford for the position of Scrutiny Chairman ( a paid position). Cllr Burford as Leader of the second largest group supported a Green administration at the same meeting,ensuring the Greens took control of the Council
In their first Cabinet meeting on Thursday The Green Cabinet stated their intention to totally disinvest from Fossil Fuels and were taking steps to do so immediately. The Cabinet member announcing the move was the Deputy Leader of the Council who on dis declaration of interests page lists "Extinction Rebellion" and his work as "Climate Activist"
So in supporting and putting a Green Cabinet in place Cllr Burford (alongside the Labour Group of Cllrs) has created the very thing he was so angered about just six months ago . It "irritated" him that The Greens wanted to do such things and not consider the communtity and the effect such fiancial ruin would have on the Forest of Dean.
It will be interesting to see Cllr Burfords reaction to the announcement on Thursday and whether the issues that were there just weeks ago and caused him such anger and angst remain or whether the assurance his finances and his ego recieved when securing the Chairman of Scrutiny Role has now tempered his concern.
More importanltly we will work with our Progressive Independent Councillors and supporters to ensure that local services are damaged as little as possible and that disinvestment is achieved in a sustanable and sensible manner.
