Unsatisfied with the response of the Ministry of Social Security, Greenpeace Luxembourg today requested information regarding pension funds from the administrative court.
In a press release entitled "Fonds de pension FDC: le ministre refuse la transparence sur des investissements préjudiciables pour le climat – Greenpeace introduit un recours auprès du tribunal administratif", the environmental organisation explained how it had requested information about the FDC pension fund from Social Security Minister Romain Schneider, who is responsible for the fund, in early August. Greenpeace also asked the Minister for information on the financial risks related to climate change and the fund's investments.
However, Greenpeace has argued that it did not receive a satisfactory answer from the Ministry and has since appealed to the administrative court to obtain this information. Martina Holbach, climate and finance campaigner for Greenpeace Luxembourg, commented: "For months, thousands of concerned citizens have demonstrated in the streets of the world and in Luxembourg, advocating that climate protection finally become the priority of politics and business. All these people probably do not agree to have their social security contributions invested in dirty, climate-damaging businesses".
In its press release, Greenpeace mentioned how the pension fund invested in 27 of the 50 biggest fossil fuel producing multinationals in 2018, including ExxonMobil, Shell and BP. They added that, since 2015, investments in the coal sector have increased by one third and yet, recent research has shown that none of the major oil, gas and coal companies is currently meeting the desired target of 1.5°C.
Minister Romain Schneider today denied accusations of a lack of transparency and expressed disapproval of the way in which Greenpeace Luxembourg chose to communicate its concerns. The Social Security Minister has claimed that he has always promoted a constructive dialogue with the various environmental associations, including Greenpeace Luxembourg.
Minister Schneider added that the pension fund's website (fdc.lu) provides access to all explanations and information on its investment policy, particularly with regard to socially responsible and sustainable investments.
