Billions in local government pensions have been invested in the fossil fuels industry, according to new analysis
- Councils which publicly support green policies have money in fossil fuel firms
Billions in local government pensions have been invested in the fossil fuels industry – despite a raft of levies on ordinary workers designed to clean up the environment.
Although councils publicly support initiatives such as ultra low emission zones, their pensions are wrapped up with companies which allegedly harm the climate, according to analysis.
Friends of the Earth and Platform, a campaign group, reviewed the assets of the Local Government Pension Scheme – one of the largest in Britain – to discover that £12.2billion is invested in fossil fuels.
Billions of pounds in local government pensions have been invested in fossil fuels
Council pensions are wrapped up with companies that allegedly harm the environment, despite them having public supported green initiatives such as Low Traffic Neighbourhoods
Rob Noyes, of Platform, accused councils of undermining the drive for a better environment – the cost of which is footed by ordinary workers.
A spokesman for the Local Government Association said: ‘Investment decisions relating to LGPS funds are made at a local level by a pensions committee made up of elected councillors.’
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