Dirty pensions: £10 billion still invested in fossil fuels by local government pension funds
Despite local councils declaring a climate emergency, billions of pounds are still invested in planet-wrecking fossil fuels through local government pension funds.
A new report by Friends of the Earth and Platform has been released today which details the investments of all the UK’s Local Government Pension funds, and debunks all of the excuses used by the funds for not divesting with comprehensive and well researched facts. Click here for the report.
Additionally a report as far back as 2017 by Client Earth debunks several common misconceptions of pension fund managers and opens them up for legal challenge:
Section 6.1 “Misconception 1: Climate change does not pose material financial risks and/or is only an ethical investment issue.”
Section 6.2 “Misconception 2: By delegating day-to-day investment decisions to external investment managers, the administering authority has discharged its legal duties to manage climate risk.”