The Environment Agency is cutting its pension fund investments in fossil fuels.
It will reduce its exposure to “future emissions” by divesting 90% of its coal assets and 50% of its oil and gas investments by 2020.
The announcement is part of the Environment Agency Pension Fund’s (EAPF) aims to help achieve the international agreed target to limit global warming below 2°C and tackle climate change.
It has also committed to invest 15% of its fund in low carbon, energy efficient and other climate mitigation projects.
The EAPF stated: “We have set ourselves a global leading objective to ensure that our Fund’s investment portfolio and processes are compatible with keeping the global average temperature increase to remain below 2°C relative to pre-industrial levels, in-line with international government agreements.”