Want to know how much Isle of Wight council invests in fossil fuels?

Data released by 350.org, Platform, Community Reinvest and Friends of the Earth reveals how much the Isle of Wight council’s pension fund is investing in fossil fuels.

Oil pumps

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.”

Image: cgpgrey under CC BY 2.0

Thursday, 24th September, 2015 11:22am

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Filed under: Environment, Government, Green Issues, Island-wide, Isle of Wight News, Top story

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Any views or opinions presented in the comments below are solely those of the author and do not represent those of OnTheWight.

5 Comments

  1. Old Knobby


    24.Sep.2015 12:10pm

    Outrage? Doesn’t the pension fund have have on obligation to invest its funds to give the best return to its members? It has no political or moral obligation beyond that which the government deems legal – if they get better returns by investing in fossil fuels, then tough, that’s how capitalism works.

    A quick look at the council website shows that their pension is part of the Local Government Pension Scheme, a UK wide scheme, and as such independent of any one council (to prevent them ‘doing a Maxwell’), although the IOWC will or may be members of its board of governors.

    I wonder where MEPs pension schemes are invested? Best make sure they’re totally ‘clean’ before throwing accusations about.

    • Suruk the Slayer


      24.Sep.2015 1:01pm

      Don’t know why you are getting down-voted, as you are absolutely correct.

      Pensions are NOT the place for risky investments, and “Green Energy” IS a risky investment at the moment.

      The removal of government subsidies and the repeated nimbying of green energy projects sends entirely the wrong message to prospective investors. If you want people to invest in these technologies first solve those issues.

    • Old Knobby you are absolutely right.

      What would you really expect from a green MEP nonentity. If I wanted pension advice or indeed any advice at all the last group of people I would be going to are the MEPs.

      Ethical? They don’t know the meaning of the word.

  2. The Sciolist


    24.Sep.2015 1:15pm

    Political point scoring disguised as news. The MEP Is playing games, our councils fund managers are investing broadlyand sensibly. If they messed up, we taxpayers would have to pick up the pieces.

  3. I think any criticism of the Council around this is unfair, as pointed out there is a duty of care. If it were 25% of the portfolio that might be different, as that would be out whack with norms.

    What the Council could do through is ensure all these new homes being built by developers were sustainable, looking around the Island on the new estates it doesn’t look like it.

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