Environmental campaign groups analysed data gathered through Freedom of Information requests.
Billions in local government pensions have been invested in the fossil fuels industry, according to new analysis.
They found at least £12.2 billion invested in fossil fuels – £10.4 billion in England, £1.4 billion in Scotland, £227 million in Wales and £28 million in Northern Ireland. Of that, they estimated that more than £8 billion could be invested in companies developing new oil and gas projects. The campaigners said the investment is undermining local efforts to achieve net zero and called on schemes to “dump these dated fossil fuel assets”.
The campaigners also found that the level of money invested in fossil fuels varied across UK local government pensions. However, Greater Manchester Pension Fund and West Yorkshire Pension Fund each invest over £1 billion into fossil fuels
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