UK councils ‘invested £14bn in fossil fuels’

UK councils have invested £14 billion of their pension funds in fossil fuels, according to data released today. Published by 350.org, Platform, Community Reinvest and Friends of the Earth, it ranks […]

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By Jacqueline Echevarria

UK councils have invested £14 billion of their pension funds in fossil fuels, according to data released today.

Published by 350.org, Platform, Community Reinvest and Friends of the Earth, it ranks councils by the amount of investments in fossil fuels.

Manchester has invested the most -£1.3 billion- followed by Strathclyde and West Yorkshire with investments worth £750 million and £670 million respectively.

In total more than 6% of local government pensions are invested in fossil fuels, the report added.

Merton (11%), Worcestershire (10.7%) and Camden (9.5%) have especially high exposure.

Danni Paffard from 350.org said: “Public investments in fossil fuels are fuelling dangerous climate change and present a threat to the pensions of 4.6 million public sector workers. There’s a strong ethical and financial case for local councils to divest from fossil fuels and reinvest into infrastructure fit for the 21st century.”

ELN has contacted the Local Government Association (LGA) for a response.