Renfrew and Paisley’s Common Good Funds have set out revised investment policies which will ensure all investments are ethical and environmentally friendly.
There will be no direct investment in fossil fuel stocks, namely oil, gas and coal, as part of the Council’s pledge to consider climate change in all decision making moving forward.
This adds to the already established policy of no direct investment in tobacco stocks, weapons manufacturers or companies generating more than 5% of their income from gambling.
The proposals were agreed by the Council’s Investment Review Board and were taken in line with Renfrewshire Council’s commitment to addressing the climate emergency declared in 2019.
Councillor John Shaw, Convener of Renfrewshire Council’s Finance, Resources and Customer Services Policy Board, said: “It’s important that our investments are ethical, environmentally sustainable and support our declaration of a climate emergency.
“As we strive to make Renfrewshire net-zero by 2030, we need to consider how climate change affects all our decisions moving forward and this is a great step in the right direction.
“We’ll continue to support local third-sector organisations and activity within the communities through these funds, while ensuring that our investments do not make a detrimental impact on our environment.”
The Common Good Funds are charities which provide financial support to third party organisations and support activities taking place within the former burgh boundaries.
Assets for the funds can include land, buildings, civic regalia, art, money and other property which is administered by the local authority as part of the Common Good.
Renfrewshire Council’s elected members are ex-officio trustees of the charity and decisions regarding the operation, assets, processes or policies of the charity are delegated to the Finance, Resources and Customer Services Policy Board.
The investment performance of the charity is monitored regularly by Council officers and is reported bi-annually to the Investment Review Board, which is comprised of 5 cross party elected members.