Boris Johnson urged to divest £4.8bn from fossil fuels

An elected watchdog for London which scrutinises the Mayor’s plans and programmes has voted in favour of fossil fuel divestment. The London Assembly is calling on Boris Johnson to divest […]

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By Priyanka Shrestha

An elected watchdog for London which scrutinises the Mayor’s plans and programmes has voted in favour of fossil fuel divestment.

The London Assembly is calling on Boris Johnson to divest the £4.8 billion London Pension Fund Authority’s pot from fossil fuels in the next five years.

The members voted this week, with a majority of 15-3 supporting taking the pension’s investments out of coal, oil and gas companies.

The motion is also calling for a commitment from the Mayor not to accept sponsorship and advertisement from fossil fuel companies in any part of the Greater London Authority (GLA) Group.

Jenny Jones AM, who proposed the motion said: “The Mayor and the London Pension Fund Authority now have a chance to show real leadership by making sure our pensions don’t fund more fossil fuel extraction. We must get out of dirty energy to avoid runaway climate change and to protect pension fund members from the likely collapse in the value of fossil fuels that cannot be used.”

Last month Boris Johnson was also urged to “strongly consider” funding a Solar Delivery Unit in charge of deploying community energy schemes in the capital.