May Boeve, 350.org Executive Director, commented on the announcement A number of pension funds – including the Environment Agency and Haringey Council – have already divested from coal, citing financial risk, legal duty to fund members and the necessity of action on climate change. Research released last September detailed that local government pension funds in the UK invest over £14 billion in the fossil fuel industry. It’s time they wake up to the risks of fossil fuel investments and divest.” ![]() “Our councils stand to lose millions of pounds of workers’ money through these reckless investments in a dying industry, as well as propping up the companies responsible for the climate crisis. ![]() Six local government pension funds in the UK – Barnet, West Midlands, Croydon, Buckinghamshire, Kent and Teeside – currently invest over £2.6 million in Peabody Energy, investments which are sure to plummet in value after today’s announcement.Įllen Gibson, UK Divestment Campaigner commented The announcement adds weight to campaigners calling to divest the UK’s public pension funds from fossil fuels, as they stand to lose millions from these investments. Peabody Energy – the world’s largest private coal company – today filed for bankruptcy, becoming the 50th US-based coal firm to go bankrupt since 2012.
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