P1 are proud to announce that we recently became signatories of the Lofoten Declaration. The decision to sign the declaration was made at a company level and supported by our External Ethical Oversight Committee.
The Lofoten Declaration was written at a meeting of academics, analysts and activists, held at the Lofoten Islands of Norway. The islands represent and are an active battlefront between the environment and local communities against the expansion of oil drilling; successfully fighting the oil industries lobbying for access to the seas surrounding them for years. Written in 2017, the declaration now has over 600 signatories spanning 76 countries, from the USA to New Zealand, including Europe and Asia. The declaration and it’s signatories ask governments and companies to recognise that continued fossil fuel exploration, expansion of existing reserves and production without managed decline and a just transition is irreconcilable with meaningful climate action. It calls for fossil fuel divestment, with a phased transition to a low-carbon economy.
The declaration recognises that a transition to a low carbon economy is well underway, by argues that continued expansion of oil, coal and gas only hinders the inevitable transition while exacerbating conflicts, fuelling corruption, threatening biodiversity, clean water and air, and infringing on the rights of Indigenous Peoples and vulnerable communities.
Signatories of the declaration include a mixture of NGOs, charities & foundations, environmental campaigning organisations and a growing number of public and private companies, like P1 Investment Management. The declaration is believed to be an influencing factor in encouraging the Norweigan government to divest from exploration and production.
P1 have taken the decision to sign the Lofoten declaration as part of a continued commitment to reducing investment in fossil fuels. Our ethical portfolio range has a strategic target of being 100% fossil fuel divested, they currently stand and approximately 70% divested across the range; for a funds inclusion into the portfolio, it must have a fossil fuel exclusion in their investment policy for us to consider them divested. In addition to this commitment to our portfolios, we created the Net Zero Carbon 10 target; providing fund managers for a strategic approach to invest in carbon neutral companies and engage with those who seek to be. The target currently has five funds signed up with over £2.3bn of assets under management. We encourage the funds we work with to also sign up to the Lofoten Declaration.