Councillors are to be advised on how a sustainable investment policy could work to support their commitment to responding to climate change.
Monmouthshire County Council declared a climate emergency in May 2019 but the authority’s only Green Party councillor wants it to consider how it can use vast sums of public money it invests to support that.
The council must, by law, hold at least £10 million in cash reserves and it can place between £10m and £16m it holds in reserve in investments.
The council is also part of the Greater Gwent Pension Fund that holds investment assets of over £3.7 billion.
Councillor Ian Chandler asked members to agree that it should investigate “how responsibly” it invests its cash balances, develop a sustainable investment policy “compatible” with its recognition of a climate emergency and work with the Gwent pension fund to develop a similar policy.
The Llantilio Crossenny councillor told colleagues they were only agreeing to see what was possible.
He said: “It’s not setting out what the sustainable investment policy should be but investigating how the policy could work and to come back to us.”
The motion was agreed at the council’s September 27 meeting.
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