More than two-fifths (41 per cent) of people oppose the investment of Local Government Pension Scheme (LGPS) funds in fossil fuel companies, according to YouGov research.

The research, highlighted by Divest UK and activist group Platform London, found that 12 per cent of those questioned supported investment in fossil fuels, while the remaining 47 per cent were indifferent.

Cardiff, Waltham Forest, Southwark, Islington, Lambeth and the Environment Agency are the only local authority pension funds to have fully divested from fossil fuels, while 95 per cent of the UK’s 98 funds have yet to divest from fossil fuels.

Research released in February by Platform and Friends of the Earth Local found that LGPS funds held investments of £9.9bn in fossil fuels, equivalent to £1,450 for each of the 6.8 million LGPS members in the UK, and representative of 3 per cent of the total scheme value

With local elections looming ahead in May, Divest UK called for local leaders to be “more forward-thinking about what they invest in” and added that it was “clear that the majority of the public has a desire for more progressive action when it comes to what they think local money should be invested in”.

Support for investment in fossil fuels varied along party lines, with support from only 7 per cent of 2019 Labour voters, 11 per cent of those who voted Liberal Democrat, and 19 per cent of those who supported the Conservatives.

Looking at support for other forms of investment, the research found that almost two-thirds (65 per cent) of voters supported the investment of pension funds into ‘renewable energy projects’, compared to 5 per cent opposing this suggestion.

Additionally, 59 per cent of the public supported investments in ‘local infrastructure projects’, with just 5 per cent opposed.

Only 12 per cent supported investing pension pots in hedge funds, while 26 per cent supported funds being put into ‘banks and financial markets’ and 44 per cent supported for ‘social enterprises’.

Platform researcher, Ben Lennon, said: “Three-quarters of councils in the UK have declared a climate emergency. It’s clear there is extensive public support to see our local leaders respond to this rhetoric with meaningful and ambitious actions."

He added that "as we begin to emerge from Covid-19 and plan a more sustainable future", it was important that councils be seen "using this money they already have in their control to invest in local communities”.

Platform campaigner, Robert Noyes, commented: “There are over forty-five divestment groups across the UK that have been asking their councillors to divest from fossil fuels and re-invest in the public good. Too often they have been told their so-called ‘fringe concerns’ are not of interest to the majority.

“These results clearly rebuke these claims and validate what campaigners have been saying for years.”

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