British lawmakers demand their pension fund divests fossil fuels

(Reuters News, 22 May 2019) "The climate emergency demands that all pension funds divest from fossil fuels and invest in positive solutions to the climate crisis," says British Green Party MP Caroline Lucas.

A third of British lawmakers called on Wednesday for their 700 million pound ($885 million) parliamentary pension fund to divest its holdings in fossil fuel companies to address the climate change "emergency".

Pension funds, sovereign wealth funds, religious groups and universities have sold oil, gas and coal stocks in recent years because of their impact on climate change.

Britain's parliament declared a symbolic climate change "emergency" this month. Although it has no direct consequences for policy, it was seen as a nod to increasingly vocal activist movements demanding change.

Globally, more than 1,000 funds with assets in excess of $8.7 trillion have made divestment commitments, including Norway's $1 trillion sovereign wealth fund, the world's largest.

"The climate emergency demands that all pension funds divest from fossil fuels and invest in positive solutions to the climate crisis," British Green Party MP Caroline Lucas said.

A third of the 650 serving members of parliament (MP) from different parties and 29 former MPs have been calling on Britain's Parliamentary Pension Fund since 2014 to disclose its investments in carbon-intensive industries and commit to phasing out fossil fuel investments.

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Reuters News, 22 May 2019: British lawmakers demand their pension fund divests fossil fuels