Dan Peters 02 June 2021

Local government pension fund makes divestment threat

Local government pension fund makes divestment threat image

Scotland’s largest local government pension fund will drop investments in fossil fuel firms that fail to act on the climate emergency.

Members of the £24bn Strathclyde Pension Fund agreed the move this afternoon in response to a call from Glasgow City Council – the fund’s biggest employer member.

Chair Cllr Richard Bell said: ‘When it comes to securing a just transition to a low carbon economy Strathclyde has always been happy to put its money where its mouth is.

‘It’s important that we continue to be bold and to lead from the front – and that is why we have agreed divestment will play a part in our strategy in future.

‘We’re putting fossil fuel companies on notice that if they don’t take their responsibilities on carbon or climate seriously then we are prepared to drop them from our portfolio.’

The fund will now carry out an assessment of energy sector firms in its portfolios and agree minimum standards it will accept.

Cllr Bell continued: ‘Responsible, forward-thinking companies will welcome Strathclyde setting a high bar.

‘Ultimately, this is about saying we won’t stand for companies putting our investment – and the retirement savings of hundreds of thousands of our members – at unnecessary risk.’

Strathclyde Pension Fund is based in Glasgow, which will play host to the United Nations’ climate change conference COP 26 later this year.

For your free daily news bulletin
Highways jobs

Adults Social Workers - Harlow

Essex County Council
£32065 - £43839 per annum
Working to support adults and their families who have complex social needs and are more vulnerable as a result of disability, exclusion, or diminished England, Essex, Harlow
Recuriter: Essex County Council

Digital Tutor

Essex County Council
£25801 - £26801 per annum
I.T and Digital Tutor Permanent, Part Time Up to £26,801 per annum Location
Recuriter: Essex County Council

Independent Chairs for the Integrated Care Systems for England

NHS England
£55,000 - £80,000 depending on population size and complexity
Do you have the experience to re-shape the health and care landscape in England? England
Recuriter: NHS England

Head of Governance & Partnerships

Blaenau Gwent County Borough Council
£63,742 - £70,115 per annum
Acting as our Head of Democratic Services, you will ensure that the Council’s statutory functions are achieved to a high standard. Blaenau Gwent
Recuriter: Blaenau Gwent County Borough Council

Consultant – Low carbon transport specialist

Energy Saving Trust
Up to £37,000 per annum, depending on experience
We are looking for an experienced individual, passionate about decarbonising transport and improving air quality. Homeworking
Recuriter: Energy Saving Trust

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