MP calls for pension fund to bury fossil fuel investments

Sefton Central MP Bill Esterson has backed calls for the Parliamentary pension fund to ditch investments in fossil fuels.

More than 200 MPs and former MPs have signed the Divest Parliament Pledge, which calls on the Parliamentary pension fund to review and phase out investments in fossil fuel companies.

Data published last year revealed the MPs’ pension fund had major holdings in some of the world’s biggest oil, mining, and tobacco giants, including investments worth £7.33m in BP, £2.93m in Total SA, £3.67m in mining giant Rio Tinto, and investments totalling more than £6.5m in Royal Dutch Shell.

The divestment campaign, which first launched in 2016, has now won support from a range of politicians including Labour leader Jeremy Corbyn.

Mr Esterson said: “Climate scientists have recently warned that urgent political action must be taken to reduce carbon pollution from burning fossil fuels.

“This is why I support the cross-party Divest Parliament campaign to move investment of the MPs’ Pension Fund away from fossil fuels and towards renewables technologies.

“I agree with many of my constituents: it doesn’t make sense for long-term pension funds to be investing in companies that aren’t committed to bringing about a clean energy future.”

Joseph Bilton, who is involved in the Divest Parliament campaign in Sefton, added: “I am glad that MPs from across Parliament are coming together to pressure their pension fund to divest.

“Hopefully this will inspire other companies and institutions to do the same. It is unacceptable for pension funds to be heavily investing in fossil fuels at a time of climate breakdown.

“I was alarmed to find out that the Merseyside pension fund invests in the region of £200 million in fossil fuel industries, and I would urge those with a pension to contact the fund.  We must invest in a world powered by clean energy – this will tackle climate change, create jobs and improve our health.”

The Irish National Infrastructure Fund, the New York State Pension fund, local authorities such as Waltham Forest and Southwark, and two thirds of UK universities have already committed to fossil fuel divestment.

A recent IPCC report claimed that the vast majority of fossil fuels must stay in the ground to contain warming below 1.5 degrees. Failure to contain warming will lead to  ice caps melting, sea water levels rising and a scarcity of drinking water in many areas, risking millions of lives.