The Waltham Forest local government pension fund has become the first LGPS fund to commit to divest from all fossil fuels.

A recommendation approved at the fund committee meeting stated that it would ‘exclude fossil fuels from its strategy over the next five years.’

The Waltham Forest fund, worth £735m, currently invests £23.9m in the oil and gas industries. The decision to divest comes exactly a year after data was published showing that UK local government pension schemes invest over £14bn in the fossil fuel industry.

Commenting on the decision, Waltham Forest chair of the pension fund committee Cllr Simon Miller said that as well as divesting from stranded assets, it will also be actively investing in cleaner greener investment that will benefit the community and environment.

Friends of the Earth campaigner Rob Platts said: “With this decision, Waltham Forest has shown true leadership. By divesting from fossil fuels, the fund is not only taking necessary action to protect fund members’ pensions from risky investments, but it is also joining hundreds of public institutions worldwide in taking a stand against an industry which is causing climate chaos and endangering our future.”

350.org UK divestment campaigner Ellen Gibson added that it is a “big moment” for the divestment movement in the UK.

“Waltham Forest has demonstrated the kind of action we need all pension funds to be taking to address the urgent issue of climate change and to protect their workers’ futures. We are calling on them to join Waltham Forest and hundreds of institutions globally, and divest from fossil fuels.”

“Waltham Forest is joining nearly 600 institutions worth over US$3.4trn globally - including over 70 pension funds - to make a divestment commitment. In the UK prominent public institutions including the British Medical Association, Guardian Media Group and Quakers have committed to fully divest. Three local government pension schemes - the Environment Agency, South Yorkshire and Haringey - have made partial commitments to date.”

Share Story: