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

Education, Health and Care (EHC) Co-ordinators

Buckinghamshire Council
£30,874 - £37,188 per annum
Interested in a career as an EHC Coordinator? Come along to our drop-in event to meet members of the SEND team and find out more about the role! England, Buckinghamshire, Aylesbury
Recuriter: Buckinghamshire Council

Experienced Social Workers - Adult Social Care - Batley Hub

Kirklees Metropolitan Council
£26,999 - £32,878
We’re looking for Social Workers to join the team.  Kirklees, West Yorkshire
Recuriter: Kirklees Metropolitan Council

Business Support Officer

Sandwell Metropolitan Borough Council
£18,795 - £19,945 per annum
Seeking a highly motivated and enthusiastic team member to carry out day-to-day Business Support duties across Inclusion Support Service.  Sandwell, West Midlands
Recuriter: Sandwell Metropolitan Borough Council

Project Officer

Sandwell Metropolitan Borough Council
£24,313 - £28,785 per annum
The successful applicant will produce research and briefing documents and undertake analysis of data. Sandwell, West Midlands
Recuriter: Sandwell Metropolitan Borough Council

Environmental Improvement Officer

Sandwell Metropolitan Borough Council
£29,636 - £33,799 per annum
We have an exciting opportunity to recruit to the position of Environmental Improvement Officer within Regulatory Services. Sandwell, West Midlands
Recuriter: Sandwell Metropolitan Borough Council

Local Government News

Latest issue - Local Goverrnemnt News

This issue of Local Government News explores how councils can tackle modern slavery and trafficking in their supply chains, finds out more about Cambridge's first cohousing scheme and the launch of a new project to build a shared service pattern library for local government.

This issue also contains a special focus on children's services and how councils are protecting children following local safeguarding children boards being abolished.

Register for your free magazine