This is the last article you can read this month
You can read more article this month
You can read more articles this month
Sorry your limit is up for this month
Reset on:
Please help support the Morning Star by subscribing here
COUNCILS have invested £14 billion from their pension funds in “dangerous” fossil fuels, research by green campaigners showed yesterday.
This was an average of £218 per resident across the country, campaign groups 350.org, Platform, Community Reinvest and Friends of the Earth found.
The analysis is based on the £231bn total investments made by the bodies managing pension funds for all 418 councils in Britain.
On average 6 per cent of the money is invested in the largest oil, gas and coal firms.
Around three-quarters of cash invested in fossil fuels is in 10 companies led by oil and gas giants Shell and BP and oil and mining company Rio Tinto.
“Public investments in fossil fuels are fuelling dangerous climate change and present a threat to the pensions of 4.6 million public-sector workers,” said Danni Paffard of 350.org.
The campaigners are calling on councils to switch their investments away from fossil fuels.
