The petition has been created by Ollie Taylor, who describes States investment in such firms as ‘unethical’.
The States of Jersey’s Common Investment Fund had invested £69 million in oil, gas and coal companies as of the end of last year.
Mr Taylor said: ‘We don’t have to invest in it. Fossil fuels contribute to climate change, which itself is an existential threat. Scientists are pretty clear that we’re contributing to the problem through fossil fuels. There is an obligation for the States Common Investment Fund to invest ethically. In no circumstances can you consider fossil fuels to be ethical.’
He argues that there is a growing body of evidence to show long-term returns may be bigger from more environmentally-friendly companies.
‘There’s a large argument that fossil fuels won’t be as profitable in the future as they have been in the past,’ he said. ‘They’re not a good investment. People who divest and go into renewables are getting bigger returns. Put simply, don’t invest in something that’s damaging.’
The Common Investment Fund is where States cash is pooled and invested. It has, according to the government, been averaging returns of almost nine per cent in recent years.
Mr Taylor says previous attempts to convince the States to act more ethically have fallen on deaf ears: ‘I contacted the previous government but got no response from then-Treasury Minister Alan Maclean.
‘I’ve been mostly ignored. I do hope they’ll look into it this time and divest from fossil fuels. I hope my petition will get 1,000 signatures. We’ve seen the effect of climate change this year with hurricanes and fires around the world. While not all of those are about climate change, some are, and people understand it’s being felt now. Climate change isn’t just something far off. It’s going to impact everything from food prices to the fortunes of the finance industry.’
Among the States portfolio of investments, as of 31 December 2017, there was £20.6 million invested in Shell, £18.2 million in BP, and £1.2 million with Exxon Mobil.
Treasury Minister Susie Pinel said that politicians do not get involved in investment decision-making, but explained she had experience of a similar ethical issue when she sat on the investment panel a number of years ago.
She said: ‘I can see where Mr Taylor is coming from. Many years ago, I was on the Treasury Advisory Panel, which considers these things, and at the time we spoke about British American Tobacco. But I don’t sit on the panel now and there is no political involvement.’
Deputy Pinel will be obliged to respond formally to the petition if it attracts more than 1,000 signatures. Petitions that receive more than 5,000 signatures are considered for a States debate.
