£ 128 billion in pension funds invested in fossil fuels

British pension plans have around £ 128 billion invested in fossil fuels, which works out to around £ 1,916 for every person in the UK, according to a Friends of the Earth study.

The report, Polluted pensions? Clean the air around UK pensions and fossil fuels, found that a typical investment in fossil fuels by a pension plan was 4.3 percent, which, if applied to all pension plans, would represent a total investment of around $ 128 billion. pound sterling.

On top of that, the report found that almost half (48 percent) of the UK’s 27 largest pension schemes have not released any information about their investments, with just seven releasing detailed information about their investments. .

He also concluded that “no [of the schemes] was fully committed to phasing out fossil fuels “.

Friends of the Earth spokesperson Rianna Gargiulo commented: “Just days before the UK hosts the UN Climate Change Conference and at a time of public concern When it comes to climate change, this report shows that pension funds are desperately lagging behind on climate change.

“Beyond that, pension funds just as quickly and freely play with workers’ hard-earned contributions by continuing to invest them in a declining industry.

“Anyone shocked to learn that their pension could be heavily invested in fossil fuel polluters should write to their pension fund, ask them about their investments in the industry, and ask them to divest themselves. “