Extinction Rebellion (XR) has targeted the Edinburgh International Conference Centre (EICC) as it hosts the The PLSA Investment Conference 2023 on Wednesday.
The climate action group have been spotted in front of the large glass building dressed in black whilst they sing protest songs ahead of attendees arriving at the event.
It appears as though XR are protesting against pension funds investing in fossil fuels with the group singling out BlackRock in particular.
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Around 20 protesters can be seen outside of the entrance of the centre holding XR flags as well as a banner that calls on pension funds to stop BlackRock from destroying the planet.
They also have a banner in front of them which reads: ‘No Future in Fossil Fuels.’
Those at XR claim that BlackRock, who are taking part in the pension event at the EICC, are the second largest investor in coal, oil and gas in the world.
They are unhappy with BlackRock’s involvement in the event as well as with a BP speaker that is due to address those in attendance at the pension conference.
“Our protests are targeted at pension funds and the need for them to divest from fossil fuels that are doing so much damage to our planet,” Duncan, XR’s media spokesperson said.
“Fossil fuel companies receive an enormous amount of investment from pension funds so we are calling on them to divest.
“This action follows on from various previous protests at the conference centre that called on them to stop platforming members of the fossil fuel industry.
“The building is owned by the council and the involvement of the fossil fuel industry goes against everything that they are working towards with their climate goals.
“The current pension conference is hosting BlackRock, who are the second largest investor in coal, oil and gas on the planet.
“There is also a BP speaker at the event and that is why we are here protesting.”
Five police officers were spotted monitoring the situation and there are also a number of security guards placed around the entrances to the EICC.
Joan Forehand, 58, who is an organiser from Extinction Rebellion and divest Lothian, is at the protest, she said: “We are here today with a clear message that big oil and pension funds don't mix.
“Pension funds are supposed to be safeguarding our future, not investing in private breakdown.”
Beth Cross, 60, a protestor at the event said: “It’s far too late to make changes, I am not going to have a pension if we don’t change how we invest and I am not going to have a world to enjoy it in.”
Andrew Magowan, 56, also a member of XR said: “We are here to get the pensions industry to think about its investment profile and where it invests its money and particularly to stop them from investing in oil and gas.
"For an industry that bases itself on the long term future, it's not going to have a future if they don't stop investing in oil and gas.
"The guys in there today can make a huge difference with this and a huge difference that could save millions of people, that is the truth of it. There's 200 million people at risk.
"With their investment decisions today they can have a huge impact in making a better future."
BlackRock say that divesting from entire sectors, or simply passing carbon-intensive assets from public markets to private markets, will not get the world to net zero.
They add that BlackRock does not pursue divestment from oil and gas companies as a policy.
They said that they do have some clients who choose to divest their assets while other clients reject that approach.
BlackRock add that 'foresighted companies' across a wide range of carbon intensive sectors are transforming their businesses, and that their actions 'are a critical part of decarbonisation.'
They believe the companies leading the transition present a 'vital investment opportunity' for their clients and that 'driving capital towards these phoenixes will be essential to achieving a net zero world.'
A BlackRock spokesperson said: “The money we manage is not our own – it belongs to our clients, many of whom make their own asset allocation and portfolio construction decisions.
"BlackRock’s role in the transition to a low-carbon economy is as a fiduciary: we provide choice to our clients; we seek the best risk-adjusted returns within the mandate our clients give us; and we underpin our work with research, data, and analytics.”
Edinburgh Live has approached the EICC for a comment.
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