UK Council Pensions Investing £16.1 Billion In Fossil Fuels

Source: Desmog UK

 

There has been no significant reduction in the level of fossil fuel investment by local council pensions since the Paris climate deal was agreed two years ago, according to new data.

The research, compiled by environmental groups 350.org, Platform, Energy Democracy Project and Friends of the Earth, shows that councils currently have £16.1bn of their workers’ pensions invested in oil, gas and coal companies. This represents 5.5 percent of their total investments, worth £287.9bn.

While the value of these investments has increased since 2015 (when the market value represented £14bn), the proportion of the pension funds invested in fossil fuels has stayed about the same.

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