Laura Sharman 24 September 2015

Councils invest £14bn pension funds in 'risky' fossil fuels

Local authorities have invested £14bn of their pension funds in ‘risky’ fossil fuels, according to new analysis of pension data.

The figures, published by 350.org, Platform, Community Reinvest and Friends of the Earth, show how much each council has invested in fossil fuels. The campaigners argue this level of investment – the equivalent of £218 per resident – shows councils are failing to take responsibility for climate action.

Danni Paffard of 350.org said: ‘Public investments in fossil fuels are fuelling dangerous climate change, and present a threat to the pensions of 4.6 million public sector workers. There’s a strong ethical and financial case for local councils to divest from fossil fuels and reinvest into infrastructure fit for the 21st century.’

The campaigners called for councils to invest this money in local infrastructure instead, saying this would help build 200,000 new social homes or provide solar panels for more than two million homes and public buildings.

‘There is a growing body of evidence suggesting that the financial risks associated with climate change will impact investment portfolios,’ said Natalie Smith, Lawyer of Client Earth.

‘If pension fund trustees fail to properly manage these risks in their investment decision-making process, and there is a consequential decline in value of the pension pots of members, then trustees and investment managers could be sued for breaching their fiduciary duties.’

SIGN UP
For your free daily news bulletin
Highways jobs

Principal Transport Planner (Strategy)

North Northamptonshire Council
£46,731-£49,764
We are looking for an experienced professional to join North Northamptonshire Council as a Principal Transport Planner (Strategy). Sheerness House, 41 Meadow Road, Kettering moving to Haylock House, Kettering Parkway, Kettering NN15 6EY, United Kingdom
Recuriter: North Northamptonshire Council

Highways Capital Delivery Manager

South Wales Trunk Road Agent
£50,788 - £52,805
To be responsible for the implementation of Welsh Government’s Renewal and Upgrade programme. Baglan, Port Talbot
Recuriter: South Wales Trunk Road Agent

Senior Engineer x 2

Hounslow London Borough Council
£47,532 –£55,620 per annum
Our people are deeply committed to providing excellent services to our residents, doing all we can to make lives as good as they can be. Hounslow (City/Town), London (Greater)
Recuriter: Hounslow London Borough Council

Part Time Prison Library Assistant - HMP/YOI Chelmsford

Essex County Council
£25081.00 - £27653.00 per annum + Pro Rata
Part Time Prison Library Assistant - HMP/YOI ChelmsfordFixed Term, Part Time£25,081 to £27,653 Per Annum, Full Time EquivalentLocation
Recuriter: Essex County Council

Head of SEN Assessment & Resolution

The Royal Borough of Kensington & Chelsea Council
£77136 - £88230 per annum
Shape a fairer future for children with special educational needs.As Head of SEN Assessment and Resolution at the Royal Borough of Kensington and Chel England, London
Recuriter: The Royal Borough of Kensington & Chelsea Council
Linkedin Banner