Greater Manchester Pension Fund invests £1.7bn in fossil fuel companies
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Research from environmental campaign groups has revealed billions are being invested in the oil and gas industries by local government pension funds across the UK.
These are normally administered by a local authority, but other public bodies can also sign up to them.
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Hide AdThe investigation, by Friends of the Earth and Platform London, shows Greater Manchester Pension Fund had around £1.7bn invested in fossil fuel companies in the 2021-22 financial year.
The true figure may be higher, as the researchers were only able to screen 76 per cent of investments by the pension scheme.
In total, the pension fund is worth £29.3bn.
Jamie Peters, climate coordinator at Friends of the Earth, said: "From insulating heat-leaking homes to facilitating mass public transport, councils are key to effective climate action, but this is undermined if local authority pension funds continue to fund fossil fuels.
"It’s time to ditch financially risky holdings in gas, coal and oil, and invest in accelerating the transformation to a carbon-free future."
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Hide AdThe investigation covered 75 per cent of assets managed by the Local Government Pension Scheme in the 2021-22 financial year.
Across the UK, it found at least £12.2bn invested in fossil fuels – £10.4bn in England, £1.4bn in Scotland, £227m in Wales and £28m in Northern Ireland.
Rob Noyes, divestment campaigner and researcher at Platform London, said: "Investments in dirty fossil fuels turn public sector savings into fossil fuel playthings, pumping billions of pounds through the pensions pipeline into climate-wrecking fossil fuels."
Jo Donnelly, board secretary to the Local Government Pension Scheme Advisory Board, said: "Investment decisions relating to LGPS funds are made at a local level by a pensions committee made up of elected councillors, they consider their fiduciary duty to members and taxpayers when making decisions, along with other relevant considerations.
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Hide Ad"All investment decisions are a matter for individual funds to reflect on, and balancing considerations around risk to investment portfolios caused by climate-related factors, as well as the other elements of ESG, are part of being responsible investors and asset owners.