British council’s are continuing to invest employee pensions in fossil fuels despite having declared a climate emergency.
According to a report made by Friends of the Earth, councils including Greater Manchester and West Yorkshire are among many that have continued to invest in damaging fossil fuel firms. But it is Strathclyde that have been the biggest culprits.
Friends of the Earth said: “As the government prepares to host this year’s COP26 climate talks, our new report reveals that local authorities are still backing the industry responsible for the climate crisis and pouring billions into the companies blocking climate action.”
The funds are invested using employee pensions with Strathclyde council investing the most at a staggering value of £1 billion, followed by Merseyside and Teeside councils.
Divestment campaigner at Friends of the Earth, Rianna Gargiulo said: “Declaring a climate emergency may garner good headlines, but too often it seems to stop there. Councils can’t make a bold claim about saving the planet while continuing to invest in fossil fuels. Local authorities have the power and duty to ensure local workers not only have a pension for their retirement, but also a future worth retiring into.”
Not only are local councils stopping short at declaring a climate emergency, but this pattern has transcended into other sectors including the plastics, oil and gas, the food industry and national government.