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.

Participatory budgeting image

Participatory budgeting

Evgeny Barkov explains what participatory budgeting means and how it can reveal what citizens need.
SIGN UP
For your free daily news bulletin
Highways jobs

Front-End Developer - Learning Platform

Essex County Council
Negotiable
Essex County Council (ECC) is one of the largest and most dynamic local authorities in the UK, serving a population of 2 million residents, and has a England, Essex, Chelmsford
Recuriter: Essex County Council

Personal Advisor - Leaving After Care

Essex County Council
Negotiable
Please note this is a fixed term /secondment opportunity until August 2021. (please discuss with your current manager if you are considering a secondm England, Essex, Colchester
Recuriter: Essex County Council

Personal Advisor - Homelessness

Essex County Council
Negotiable
Please note this is Fixed Term Contract/secondment opportunity until 31st March 2021. (please discuss with your current manager if you are considering England, Essex, Harlow
Recuriter: Essex County Council

Commercial Vehicle Technician

Chelmsford City Council
£30,000 per annum
We are seeking a fully trained HGV technician to work as part of the team who maintain the Council's fleet to the highest standards.  Chelmsford, Essex
Recuriter: Chelmsford City Council

Social Worker - Carer Assessment Team (Fostering)

Barnet London Borough Council
£39,040.00 - £49,950.00 Per Annum
In Barnet we value our Social Care staff and we know that our biggest and most important resource are its workforce. Colindale, London (Greater)
Recuriter: Barnet London Borough 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