On 13 December, Southwark council became Britain’s second local authority to divest from fossil fuel investments.
The cabinet member for finance, modernisation and performance, Fiona Colley, made a ‘commitment’ to divest the £1.2bn pension fund from fossil fuels long-term, a decision based on ‘ethical practice’ and on ‘the financial risk of investing in traditional energy sources, which will ultimately become obsolete’.
Fossil Free announced that global commitments to divest had reached 688 institutions across 76 countries, representing $5 trillion in assets under management.
In December, Fossil Free UK launched ‘Divest Parliament’, for MP’s £487m pension fund:
www.gofossilfree.org/uk
Topics: Climate change & climate action