The Director presented the Annual Review of the Border to Coast Responsible Investment Policies. This is brought to the Authority annually for endorsement.

Members raised questions around climate change and if this will be a topic of conversation at the next Border to Coast annual review, following us missing out on further negotiations on it this year.

The Director responded that it would have been difficult for us to make further progress this year given the consensus being against us on this topic. The mismatch between our 2030 target and B2C 2050 target is a challenge, and this has been reflected in a number of discussions held. The Director further made a point that Border to Coast will pose some challenges with their current products if they want to meet their 2050 target and that questions will need to be asked in the coming years around some of their portfolios of which it will likely benefit our goals. The Authority will hold its next strategy review through 2025 which will require members to reflect further on investment beliefs. A further restraint comes from the Authority being required to pool all listed assets, which is not something the Authority can move away from. Therefore, influencing the pool to deliver solutions will be required to help the Authority to reach the 2030 target.

Members encouraged the Authority to enhance diplomacy and influence our colleagues at Border to Coast to allow us to make progress.

Members also discussed issues concerned with the behaviours of BP in relation to continued fossil fuel exploration and the implications of the BDS bill currently before parliament.

RESOLVED: Members endorsed the various Border to Coast policies as Appendices A to C.

Councillor Dimond asked that his dissent be noted.