Laura Sharman 26 September 2016

London council to divest pension from fossil fuels

Waltham Forest Council has become the first local authority in the UK to divert its pension fund from all fossil fuels.

The council has approved a recommendation to stop investing its Local Government Pension Scheme in fossil fuels within the next five years.

Chair of the Pension Fund Committee, cllr Simon Miller, said: ‘Waltham Forest Pension Fund is proud to commit to divesting from fossil fuels.

‘Not only does this mean that the fund will not be invested in stranded assets, but will be actively investing in cleaner, greener investments to the benefit of our community, borough, and environment.’

The pension fund is worth £735m and currently invests £23.9m in the oil and gas industries.

The news was welcomed by climate change campaigners 350.org. Ellen Gibson, UK divestment campaigner, said: ‘This is a big moment for the divestment movement in the UK. Waltham Forest has demonstrated the kind of action we need all pension funds to be taking to address the urgent issue of climate change and to protect their workers’ futures. We are calling on them to join Waltham Forest and hundreds of institutions globally, and divest from fossil fuels.’

Three other local government pension schemes - South Yorkshire, Haringey and the Environment Agency - have made partial commitments to divest from fossil fuels.

Analysis last year found local government workers have lost up to £683m from their pension funds due to the fall in coal share prices.

SIGN UP
For your free daily news bulletin
Highways jobs

Children's Social Workers and Senior Social Workers (Children Looked After)

London Borough of Richmond upon Thames and London Borough of Wandsworth
£32,427 to £44,658
Here in Wandsworth, we are on an exciting journey of transformation. Richmond upon Thames, London (Greater)
Recuriter: London Borough of Richmond upon Thames and London Borough of Wandsworth

Peripatetic Customer Services Adviser

Northumberland County Council
£20,444 - £22,129
Northumberland County Council operates a huge range of services across one of the largest counties in the UK. Northumberland
Recuriter: Northumberland County Council

Principal Engineer - York Central

City of York Council
£37,114 to £42,562
We have an exciting opening for an experienced highway design engineer. York, North Yorkshire
Recuriter: City of York Council

Senior Highway Adoptions Inspector

City of York Council
£31,887 to £36,380
We have an exciting opening for an experienced highway inspector. York, North Yorkshire
Recuriter: City of York Council

Highways Asset Engineer

Hackney London Borough Council
£37,260 - £38,148
Are you an experienced Asset Management professional looking for your next challenge? Hackney, London (Greater)
Recuriter: Hackney London Borough Council

Partner Content

Circular highways is a necessity not an aspiration – and it’s within our grasp

Shell is helping power the journey towards a circular paving industry with Shell Bitumen LT R, a new product for roads that uses plastics destined for landfill as part of the additives to make the bitumen.

Support from Effective Energy Group for Local Authorities to Deliver £430m Sustainable Warmth Funded Energy Efficiency Projects

Effective Energy Group is now offering its support to the 40 Local Authorities who have received a share of the £430m to deliver their projects on the ground by surveying properties and installing measures.

Pay.UK – the next step in Bacs’ evolution

Dougie Belmore explains how one of the main interfaces between you and Bacs is about to change.