Large numbers of MPs have again sounded calls for their pensions to be free of fossil fuel investments, as an “historic” debate over the financial and ethical risks of pension investments in high carbon companies takes place in Parliament this afternoon. More than a third of serving Westminster MPs today reiterated calls for the Parliamentary Contributory Pension Fund (PCPF) to disclose its investments in carbon-intensive industries, and to commit to phasing out fossil fuel investments as soon possible. In total more than 200 MPs, and 29 former MPs, are now backing the campaign, which is spearheaded by Green Party MP Caroline Lucas.
Business Green 22nd May 2019 read more »
The financial crash will look like a “picnic” if the “carbon bubble” bursts, a former energy secretary has warned, as he called for the MPs’ pension fund to stop investing in fossil fuels. Sir Ed Davey said the Parliamentary Pension Fund should set an example in a programme of “decarbonising capitalism” and warned that the value of traditional oil and gas firms could collapse as the economy moves to cleaner forms of energy. More than a third of sitting MPs have called for the Parliamentary Pension fund to review its holdings and commit to phase out fossil fuel investments, in a campaign led by Green MP Caroline Lucas with cross-party backing. Brighton Pavilion MP Ms Lucas said it was “morally unacceptable” for MPs to contribute to climate change-driven disasters by investing parts of the £700 million fund in fossil fuel companies. “It’s time MPs joined the majority of UK universities, numerous faith groups and a growing number of local authorities in saying we can no longer use our pension funds to gamble with people’s lives and with the future of the planet,” she said. “The climate emergency demands that all pension funds divest from fossil fuels and invest in positive solutions to the climate crisis.”
Energy Voice 22nd May 2019 read more »