UK Local council pension funds fossil fuel exposure revealed #fuellingthefire

‘The UK’s 97 local authority pension funds collectively invest £16.1bn in fossil fuels — up from £13.8bn in 2015 — according to the latest data from divestment campaigners who have broken down the oil, coal, and gas holdings of every local council in Britain. The £17.2bn Greater Manchester Pension Fund (GMPF), the UK’s second largest local government scheme, was once again identified as the ‘worst offender’ with 10.2% of its portfolio (£1.8bn) committed to fossil fuel investments, according to figures released by campaigners today.’ (Responsible Investor, 9 Nov) Also in Business Green (10 Nov)

The Times reports that ‘Environmental campaigners have criticised Scotland’s council pension funds after research suggested that they had £1.8 billion invested in fossil fuels.’ … The research shows Dumfries and Galloway had the largest percentage of its overall assets invested in the industries. Its fossil fuel stakes made up 9 per cent of the total value of the fund. (The Times, 9 Nov). The Times notes that ‘Around the world, 700 institutions have made a commitment to stop investing in fossil fuels.’ The data — which includes both direct and indirect investments in fossil fuels — is available online and in a summary report (pdf 12 pages) published by 350.org, Friends of the Earth, Platform and Community Reinvest.

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