Tony Burdon: Council pension funds can be the quiet heroes of the climate crisis lgcplus.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lgcplus.com Daily Mail and Mail on Sunday newspapers.
Cardiff and Vale pension fund still has £57m invested in fossil fuels despite divestment promise
The fund invests in companies like Royal Dutch Shell, BP, Anglo American and ExxonMobil
16:33, 28 FEB 2021
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BBC News
By Caleb Spencer
image captionWales has a target of achieving net-zero carbon emissions by 2050
More than half a billion pounds was being invested in fossil fuels by Wales local authority pension funds at the end of 2019-20, new research shows.
But the campaign groups acknowledged there had been a reduction since 2017.
The body representing local authorities in Wales said they were committed to the decarbonisation agenda.
A spokesman for the Welsh Local Government Association (WLGA) said it encouraged the development of ethical investment principles by the Welsh pension funds that ultimately make decisions
And the Wales Pension Partnership said funds were working to reduce their exposure to fossil fuels.
By Susanna Rust2021-02-22T16:38:00+00:00
East Sussex Pension Fund (ESPF) has denied that its exit from an Israeli military technology company was due to a campaign by local activists, and said it was instead due to a portfolio shift towards impact equity and ESG-tilted index funds.
Palestine Solidary Campaign (PSC) last week claimed victory in a long-running lobbying campaign by scheme members and Palestinian human rights campaigners.
An Israel-based company listed on the Tel Aviv Stock Exchange and Nasdaq, Elbit Systems describes itself an international high technology company engaged in a wide range of programmes, primarily in defense and homeland security. PSC alleges the firm’s products, such as drones, are used to oppress the civilian Palestinian population.