This in from the Office of Keith Taylor, Green MEP for the South East.
According to the report, the Isle of Wight council’s Pension Fund is valued at £441,447,000 with total fossil fuel investments of £25,559,000 (5.78%). Ed
Data released today shows UK councils have invested £14 billion of their pension funds into fossil fuels. This is the first time that the £231 billion investments of all 418 local councils have been broken down and released publicly. The data ranks local councils by their fossil fuel exposure and reveals both the financial threat to pensions and the climate risks.
“Failing to properly manage financial risks”
The data and online map released by 350.org, Platform, Community Reinvest and Friends of the Earth ranks councils by their fossil fuel investments, and allows residents to see what their local council has invested into.
The data suggests councils are failing to properly manage the financial risks of investments in fossil fuels nor take responsibility for climate action.
Keith Taylor, Green MEP for South East England, said:
“There will be outrage up and down the country today as people find out that their money is being invested into fossil fuels which our hugely damaging to the climate and our environment.
The £14 billion should be immediately reinvested into affordable housing and clean energy technologies.”
“Fuelling dangerous climate change”
Danni Paffard of 350.org, said:
“Public investments in fossil fuels are fuelling dangerous climate change, and present a threat to the pensions of 4.6 million public sector workers. There’s a strong ethical and financial case for local councils to divest from fossil fuels and reinvest into infrastructure fit for the 21st century.”