UK MPs mull divesting from fossil fuel pension funds

A group of 200 current and former UK MPs has called for millions of pounds in fossil fuel investments to be cut from their pension fund, amid concerns about climate change. A report in The Independent notes that the cross-party effort came as world leaders gathered in Poland for a major climate summit at which fossil fuel investment and the transition to greener energy sources are high on the agenda. Among the investments in the House of Commons’ Parliamentary Contributory Pension Fund (PCPF) are £7.3m in BP – the joint highest individual holding – £2.9m in Shell and £3.7m in controversial mining company Rio Tinto. In 2017, the funds were made public for the first time, revealing investments not only in oil giants but also tobacco companies and US tech firms like Amazon that MPs themselves have accused of avoiding tax. These revelations came after years of pressure from a campaign to divest Parliament was started in 2014 by a small group of MPs, including former Green Party leader Caroline Lucas. Jeremy Corbyn became the 100th MP to back the Divest Parliament movement at the end of 2017, and the total number includes representatives from every major political party. If the fund was to divest from fossil fuels, UK Parliament would join a growing list of British and international institutions choosing this path.

Full report in The Independent