UK pension fund fossil fuel investments laid bare
Despite more than 75% of the UK’s local councils declaring a climate emergency, their pension funds are still pouring billions into fossil fuels the world over.
A new report from campaigners Platform, Friends of the Earth (England, Wales and Northern Ireland) and Friends of the Earth Scotland reveals UK local government pensions held $14 billion in fossil fuel investments last financial year.
The analysis said it equates to about $2500 invested in fossil fuels for each of the 6.8 million people depending on local government pension funds across the UK.
Derived from Freedom of Information requests, the research shows the pension funds for Greater Manchester, Strathclyde, West Yorkshire, and West Midlands account for nearly 25% of the total investments.
Meanwhile, the three local authority pension funds with the largest percentage of their assets in fossil fuels are Teesside, Dyfed and Dorset, all of which invest about 5% of their total pension fund.
About 72% of the investment is indirect, done so by external investment managers. Coal accounts for about 34% of fossil fuel investments, while gas accounts for 66%.
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