UK Pension Funds Invested in Fossil Fuel Companies: Make My Money Matter Calls for Review
he Church of England recently divested from all remaining oil and gas majors in its portfolio, for failing to align with the 1.5 degrees Celsius trajectory. This is due to the fact that major oil and gas companies such as BP and Shell recently doubled down on oil and gas production to ensure energy supply post the energy crises. Make My Money Matter is now calling on the UK’s pension funds to use their stewardship role to act on the Paris Agreement, and to commit to no expansion of oil and gas production.
Make My Money Matter, the climate finance campaign, is calling on UK’s pension funds to review their US$ 112 billion (£88 billion) worth of investment in fossil fuel equities and bonds, and to engage with these companies in pursuing a 1.5 degrees Celsius trajectory. The report notes that the UK’s pension funds have US$ 3,816 (£3,000) per pension holder invested in oil and gas companies, which is almost ten times higher in value than the holdings in listed FTSE 350 clean energy stocks.
UK pension pots are the largest in Europe, and the second largest in the world, at £2.5 trillion.
— Jeremy Hunt (@Jeremy_Hunt) June 28, 2023
But international pension funds are currently taking advantage of investments in high-growth UK companies more than UK pension funds... pic.twitter.com/hwwoHjDDra
The Church of England recently divested from all remaining oil and gas majors in its portfolio, for failing to align with the 1.5 degrees Celsius trajectory. This is due to the fact that major oil and gas companies such as BP and Shell recently doubled down on oil and gas production to ensure energy supply post the energy crises. Make My Money Matter is now calling on the UK’s pension funds to use their stewardship role to act on the Paris Agreement, and to commit to no expansion of oil and gas production.
