During the city administration committee meeting yesterday members agreed to sign the C40 declaration to move city assets away from fossil fuels and invest in a sustainable future.
At the meeting an amendment by the Greens to note the advice of the International Energy Agency, that there can be no new investments in fossil fuel exploration if the Paris commitments are to be met, was also passed.
They also moved that this should be part of the council’s consideration in directing their approach to divestment going forward.
Green group councillor Jon Molyneux said: “I am really happy to support the signing of the C40 agreement and I absolutely recognise the benefits that will accrue to Glasgow by being part of that network and working together with peer cities.
“I fully support making this commitment.”
The C40 network, which is a network of nearly 100 of the world's leading cities who are working to deliver the urgent action needed right now to confront the climate crisis, has been a key partner for the council on the journey to Cop26 and has provided a platform for the city to engage with a global constituency of urban peers.
But Glasgow’s Conservative group did not agree to the motion as they believed that the declaration would potentially put the council in a position of “seeking divestment from fossil fuel companies who are actively developing, and investing in, renewable energy solutions”.
SNP councillor Ricky Bell said he understood these concerns but pushed for members to sign the C40 declaration.
He said: “This is an effective way for cities, pension funds and other institutional investors to protect their assets from climate related risks and take advantage of the financial opportunities presented by the world's transition into a green economy.
“Climate breakdown is a major threat to global systems. Disinvesting from fossil fuels is an effective way for cities to deal with this. Shifting investment into climate solutions also helps us to deal with this.
“I think it would be a great position for us as the host city of Cop26 to be able to sign this agreement today and put Glasgow in the front of those cities who are pushing hard to achieve the climate action we all need.”
