Michael Burton 11 October 2019

Council pension scheme invests in green fund

Council pension scheme invests in green fund  image

A council pension scheme has become one of the first to invest in a new ‘green’ fund which supports low carbon technology.

Cheshire Pension Fund is investing £500m in the Local Government Pension Scheme (LGPS) Central Climate Factor Fund which was launched this week by nine local government pension funds in the Midlands. The fund will move away from companies with greater carbon emissions and fossil fuel reserves and specifically toward those with green revenues.

Cheshire Pension Fund is the pension scheme for more than 100,000 members across 300 mainly public sector employers, including Cheshire West and Chester Council, Cheshire East Council, Halton BC and Warrington MBC, Cheshire Police and Cheshire Fire and Rescue Service and other employers in Cheshire. The Fund is administered by Cheshire West and Chester Council.

Cllr Myles Hogg, chairman of the Cheshire Pension Fund, said: ‘Our priority is our financial duty to pay the pensions of our 100,000 members and this fund will contribute well to that aim. We also know climate change is an important issue for us all so we were keen to support this fund. We welcome the fact that the new fund boosts investment in companies generating green revenues as these companies will be the leaders in shaping our future.’

Cheshire Pension Fund and West Midlands Pension Fund are the first two investors in the LGPS Central Climate Factor Fund, which launched on 10 October and manages £2.1bn.

The LGPS Central Pool is made up of nine local government pension funds, including Cheshire, Derbyshire, Leicestershire, Nottinghamshire, Shropshire, Staffordshire, Worcestershire, West Midlands and the West Midlands Integrated Transport Authority.

Mike Weston, chief executive of LGPS Central, said the new green fund ‘enables us to align our shared sustainable investment ethos with our long-term investment goals.’

SIGN UP
For your free daily news bulletin
Highways jobs

Head of Highways & Transport

City of York Council
£58,568 - £66,923 per annum
This is hugely exciting time to join the Council in this new role as the strategic lead for our Highways and Transport service. York, North Yorkshire
Recuriter: City of York Council

Youth & Community Based Commissioner

Essex County Council
£19308 - £19631 per annum
Youth & Community Based Commissioner Permanent, Part Time £19,308 to £19,631 per annum (FTE) Location
Recuriter: Essex County Council

Social Worker - Family Support & Protection Team

Essex County Council
Up to £207 per day + Umbrella
Family Operations delivers direct provision of services relating to vulnerable children, young people and complex families. These services will be del England, Essex, Harlow
Recuriter: Essex County Council

District Youth and Community Commissioner in Training

Essex County Council
£25313 - £28001 per annum
District Youth and Community Commissioner in Training Permanent, Full Time £25,313 - £28,001 Per Annum Location
Recuriter: Essex County Council

Social Worker - Early Intervention Team

Essex County Council
Up to £207 per day + Umbrella
*** This is a temporary position to start as soon as possible based at Colchester Hospital ***About the RoleWorking to support adults, and their famil England, Essex, Colchester
Recuriter: Essex County Council

Public Property

Latest issue - Public Property News

This issue of Public Property examines how how flexible workspaces can lead the way in regeneration for local authorities, Why local authority intervention is key to successful urban regeneration schemes and if the Government’s challenge of embracing beauty is an opportunity for communities.

The March issue also takes a closer look at Blackburn with Darwen Council's first digital health hub to help people gain control over health and care services.

Register for your free digital issue