Parliament’s pension fund trustees are to reconsider the rules of their investments to take account of the risk of climate change, in a first for MPs’ finances. While stopping short of a promise to fully divest from fossil fuels, the pledge by the trustees marks an important first step towards assessing and reducing the effect of the pension fund’s investments – which are ultimately paid for by the taxpayer – on climate change. The move is a victory for a group of MPs from all parties who have long campaigned for changes that would stop the funds – which amount to more than £700m – being invested in companies that promote or benefit from fossil fuels, thus exerting economic pressure on them to reduce greenhouse gas emissions.
Guardian 9th April 2019 read more »
Plans for a new Teesside power plant which could deliver up to 1,000 jobs have taken a major step forward after winning Government approval. Sembcorp Utilities UK is planning a new gas-fired power plant on the site of the former Teesside Power Station. The new Teesside Combined Cycle Power Plant, on the Wilton International site, near Redcar, could generate up to 1,700 megawatts – enough electricity for up to five million people. And it could also prove crucial in attracting new firms and investment into Teesside. The project could create 60-80 permanent jobs, a further 150 in the supply chain – and up to 1,000 during an anticipated three-year construction.
Teeside Gazette 7th April 2019 read more »