MPs have yet again called for the trustees of the Parliamentary Pension Fund to divest from fossil fuel companies Royal Dutch Shell and BP, having finally integrated investment into renewables into the fund.
Edie 24th March 2020 read more »
MPs and peers have today again called on Parliament’s pension fund to divest from fossil fuel assets, after its latest annual report revealed that despite an uptick in green investments the fund is still heavily reliant on fossil fuel majors. The cross-party Divest Parliament initiative today responded to the recently released annual report from the Parliamentary Contributory Pension Fund (PCPF), which revealed that the fund has significant increased its interest in low carbon assets while reducing its exposure to some high carbon businesses. The report shows that the fund’s holdings in fossil fuel companies have decreased due to the use of ‘low-carbon’ investment vehicles, while for the first time five per cent of the fund’s investments are dedicated to renewable infrastructure.
Business Green 24th March 2020 read more »
Parliament’s pension fund has made record investments in renewable energy and cut its exposure to fossil fuel companies to bring MPs’ pensions in line with the government’s climate action targets. A report from the £700m pension fund showed that almost a third is now being invested in low carbon and environmentally sustainable funds following calls from hundreds of MPs to align the fund with the government’s legally binding climate commitments. The decision by the pension fund’s trustees to back a push for greener investment, first revealed by the Guardian last year, has resulted in renewable energy infrastructure investments making up 5% of the fund for the first time. The move is a victory for the 360 serving and former MPs who have been pushing for the pension fund’s investments to fall in line with the government’s climate agenda.
Guardian 24th March 2020 read more »
The parliamentary pension fund for MPs is still investing in fossil fuels despite parliament declaring a climate emergency, new figures show. The fund is still heavily invested in Shell (£8m) and BP (£4.4m) despite over 350 current and former MPs backing a campaign to set a good example by diverting cash elsewhere. MPs have however welcomed news in the fund’s latest filings that it is increasingly shifting its cash towards renewable energy – with five per cent of investments going to the green sector for the first time.
Independent 24th March 2020 read more »