Study reveals pension funds suffer significant losses due to fossil fuel investments.
Amy Gray, senior climate finance strategist at Stand.earth. “As the longest-term investors for workers, the last thing pension funds should be doing is gambling with retirement and deferred wages of their members.”
Tom Sanzillo, director of financial analysis at the Institute for Energy Economics and Financial Analysis,that while the oil and gas sector have reported record profits in recent years, their revenues” are unsustainable and their future is on shaky ground.
The study out this week found that pension funds would have drastically improved their carbon footprint if they had pulled their money out of fossil fuels a decade ago, reducing their emissions by 16.6% or nearly 280 million tons—”a win-win situation” for the funds and the planet, the researchers said.
“Influential investors, like these large public pension funds, can bring about positive change on a few fronts,” said Weber. “Energy divestments can create higher returns for the funds, which leads to higher returns for the beneficiaries and reduced exposure to climate risks. Consequently, it leads to safer pensions.”We’re running out of time to raise the $27,000 we still need to keep Truthout whole.
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