Laura Sharman 26 September 2016

London council to divest pension from fossil fuels

London council to divest pension from fossil fuels image

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

Social Worker - FTC - DBIT

Essex County Council
£30906.0 - £42254.0 per annum + + Free Parking & Benefits Package
A fantastic opportunity has arisen for a Social Workers to join the South D-BIT Team based Ely House covering the South Quadrant area on a Fixed Term Contract basis, for a period of 18 months. England, Essex, Basildon
Recuriter: Essex County Council

Senior Practitioner - Family Support & Protection Team

Essex County Council
Up to £237 per day + Umbrella
To hold and sustain a caseload consisting mainly of the most sensitive, "complex and difficult" cases to which the post holder is able to bring to bear the highest standards of professional ability and a considerable depth of knowledge in relevant legisla England, Essex, Chelmsford
Recuriter: Essex County Council

Qualified Social Worker - Children in Care Specialist Team

Essex County Council
Up to £207 per day + Umbrella
The role includes managing a defined caseload, the Social Worker is responsible for working effectively with children, young people and families/carers to achieve positive change and improved outcomes. England, Essex, Harlow
Recuriter: Essex County Council

Associate Director – Finance & Commercial

Slough Borough Council
£80,912 to £94,371
As our Associate Director – Finance & Commercial and Deputy 151 Officer you will lead a team of approximately 57 people within... Slough, Berkshire
Recuriter: Slough Borough Council

Channel Officer

Kirklees Metropolitan Council
£34,728 - £36,922 per annum
You will need to possess demonstrable knowledge and understanding of the UK Government Counter... Kirklees, West Yorkshire
Recuriter: Kirklees Metropolitan 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