Luxembourg, 21 October 2020 – Members of Parliament were greeted by a 2,5m tall Tyrannosaurus Rex placed by Greenpeace Luxembourg activists in front of Cercle Cité this morning. Designed by local artist Eric Mangen, the installation includes a message with the demand to stop funding fossil energy. The artist strongly supports Greenpeace Luxembourg’s campaign against the dirty investments of the Luxembourg pension fund Fonds de compensation, commonly known as FDC.
Artist Eric Mangen said:
“I pay contributions to the pension fund like most citizens of Luxembourg, so I expect a safe retirement in return. But the FDC is investing my retirement savings in climate-destroying corporations that are threatening my future. It’s unacceptable!”
Mangen’s artwork depicts a Tyrannosaurus Rex with dollar signs in its eyes in reference to nonviable fossil fuels and the greed of the companies profiting from dirty energy.
“I am calling on all citizens in Luxembourg to send a strong signal to our political leaders and support Greenpeace’s campaign for a fossil free pension fund.”
In July, Greenpeace launched an email action calling on members of the Luxembourg government and parliament to take action against the FDC’s fossil fuel investments. So far, more than 650 citizens have participated, resulting in more than 50’000 emails sent to the decision makers. According to Greenpeace’s information, the long-awaited debate in the parliament on the investment strategies of the sovereign funds, including the FDC, has recently been scheduled for the third week in November.
Greenpeace Luxembourg climate justice campaigner Myrna Koster said:
“It’s time for our elected representatives to stop investing people’s money in dirty energy. Fossil fuel investments are financially risky in addition to causing damage to the climate and the environment. There is no good reason to keep investing in fossil fuels. Recent studies confirm that sustainable investments outperform traditional ones, such as investments in fossil fuels. That’s why more and more pension and investment funds are ending their financial support of oil, gas and coal.” [1]
Two weeks ago, Greenpeace Luxembourg presented an expert report written by German economist Martin Granzow, PhD to members of Parliament about the FDC’s investment strategy. In this document, Dr. Granzow explains why the FDC should phase out fossil fuels from its portfolios, how an investment strategy in line with the objectives of the Paris Agreement can be best implemented, and what steps policy makers should take to support this process. He unequivocally recommends aligning the FDC investment strategy with the objectives of the Paris Agreement, as well as greater transparency in the pension fund’s reporting.
“The time to act is now! We demand immediate measures from our politicians to ensure that the FDC withdraws our retirement reserves from fossil fuel corporations!” concluded Myrna Koster.
Note to editors:
[1] A total of 1,244 institutions representing 14 trillion US dollars have divested from fossil fuels worldwide. About 13% of these institutions are pension funds, i.e. Norway’s state pension fund GPFG (Government Pension Fund-Global), the Swedish pension fund AP1, Allianz, Axa, Generali, MunichRe, Amundi, AP4, Storebrand and KLP. https://gofossilfree.org/divestment/commitments/