We, the undersigned members note that;
• fossil fuel use is the main driver of climate change
• fossil fuel companies are exploiting the current cost of living crisis
• climate change is having catastrophic impacts on human health and the natural environment on which health depends
• over the medium to long term, investments in fossil fuels present a financial risk as society transitions to low carbon alternatives and this transition may not happen in a smooth and predictable manner
• many organisations with health professional memberships have already supported divestment, including the British Medical Association and the Royal College of GPs, so ongoing investment in fossil fuels presents a reputational risk to the Society and place it out of line with the values of its members
• a strategy of engagement with fossil fuel companies cannot address all the above concerns as it:
▪ does not prevent the harms to health from the Medical Protection Society’s investment strategy
▪ is unlikely to sufficiently mitigate risks given the transformational and urgent changes required to the businesses in question
• committing to divestment before other medical indemnity organisations might make the Medical Protection Society more attractive to new members.
Therefore we call on the Medical Protection Society to use its influence as an investor to:
• Dispose of all investments, direct and indirect, in the fossil fuel sector within the next two years.
Background information:
The arguments for fossil fuel divestment have been set out by UK Divest here: www.divest.org.uk/councillorbriefing Although this was written in relation to UK local pensions the same arguments apply to divestment by a medical organization.
A more detailed academic analysis of divestment by Cambridge University can be found here: https://www.cam.ac.uk/sites/www.cam.ac.uk/files/sm6_divestment_report.pdf
Motion prepared by Dr James Smith, GP and Public Health Consultant, and Dr Christelle Blunden, GP. September 2022
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