22 Mar 2016

Fossil fuel divestment within the Merseyside Pension Fund

Divestment from fossil fuels is a key plank of Green Party policy in dealing with climate change. Since being appointed to the Pensions Committee that oversees the Merseyside Pension Fund (MPF), I have pushed for this issue to be addressed with a view to reducing the fund's exposure to fossil fuels. This is not just an important ethical concern. As the Governor of the Bank of England and many others have pointed out, investors in coal, oil and gas risk their assets becoming worthless if action on carbon emissions progresses as it must do if we are to secure a safe climate.

Yesterday's committee included a detailed report on carbon risk. You can read that report here. You can also watch the debate as it happened via this link. My contribution begins at 08:30.

While full divestment from fossil fuels is a long way off, I am hopeful and will continue to press for reduced exposure to fossil fuels within the MPF. Developing expertise around climate risk also gives Merseyside the opportunity to take a real lead on this issue and in time promote the use of pension funds to green our economy.

My sincere thanks to John Brace for providing this video.

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