Local authorities, pension funds and financial institutions are being targeted in a ‘day of action’ to address fuel poverty, climate change and the energy crisis.
More than 30 groups across the country are expected to join the Divest from Crisis day called by environmental organisations today.
This week scientists delivered a warning that there is ‘a rapidly closing window of opportunity’ for countries to act on climate and secure a ‘liveable and sustainable future’.
In 2021, the UK pensions industry was estimated to have invested £128bn in fossil fuel companies, the campaigners say, while the biggest banks have poured tens of billions into oil and gas projects.
The campaign groups are calling on investors to divest from what they see as expensive and unstable fossil fuels and boost investment in affordable and future-proof renewables.
They say more than 50 local councils have now formally backed divestment from fossil fuels.
In London, 100 members of the Climate Choir are expected to target asset managers BlackRock and Vanguard, who provide management and investment services to many UK local government pension schemes.
Rianna Gargiulo of Friends of the Earth said: ‘Investors like our local council pension funds have a clear choice.
‘They can either continue gambling billions on fossil fuels and propping up a broken and costly energy system or invest in what’s really needed right now: decent housing and affordable renewable energy for all.’
