Laura Sharman 03 September 2018

Council pension funds invest £9bn in fracking industry

Council pension funds invest £9bn in fracking industry image

More than £9bn is being invested in the fracking indistry by council pension funds, new figures have revealed today.

The data, published by 350.org, Platform and Friends of the Earth, found the Greater Manchester Pension Fund invests the largest amount in the fracking industry at almost £1bn.

The figures show that Dumfries and Galloway, Greater Manchester and the London Borough of Merton have the highest percentage of their pension funds invested in fracking.

Deirdre Duff, divestment campaigner with Friends of the Earth, said: 'UK councils should know better than to invest in fracking companies. These companies are inflicting their fracking operations on communities around the world, and this can have significant impacts.

'Many UK councils have rightly opposed fracking in their own area – however it is shocking that they still support the global fracking industry. We should remember too that the climate change caused by fracking will affect us all, no matter where the fracking is conducted.'

In competition with the PWLB image

In competition with the PWLB

Christian Wall considers what alternative funding channels are available to local authorities beyond the Public Works Loan Board.
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