Steve Pound joins a cross-party group of 200 MPs and former MPs that has called on the Parliamentary Pension Fund to phase out its substantial investment in fossil fuel giants such as Shell and BP, following growing concerns about climate change.
Steve Pound has signed the Divest Parliament Pledge, which calls on the Parliamentary Pension Fund to review and phase out investments in fossil fuel companies. The call follows growing concern among Parliamentarians about the environmental, social and financial risks posed by climate change.
“Climate scientists have recently warned that urgent political action must be taken to reduce carbon pollution from burning fossil fuels. This is why I support the cross-party Divest Parliament campaign to move investment of the MPs Pension Fund away from fossil fuels and towards renewables technologies. It doesn’t make sense for long-term pension funds to be investing in companies that aren’t committed to bringing about a clean energy future” says Steve Pound.
Over 100 Labour MPs have signed the pledge including leader Jeremy Corbyn, Mary Creagh and Clive Lewis. In the last year they have been joined by a growing number of cross-party MPs including Conservatives Justine Greening and Dr Sarah Wollaston. 29 out of 35 SNP MPs, including Mhairi Black, have also signed the pledge, alongside 11 out of 12 Liberal Democrat MPs, including Party Leader Sir Vince Cable.
The campaign was started in 2014 by a small group of MPs, including the Green Party MP Caroline Lucas. Their first success was to pressure the trustees of the MPs Pension Fund to disclose its investments, revealing that the largest individual holding is in BP PLC.
If successful, the campaign would see Parliament joining the Irish National Infrastructure Fund, the New York State Pension fund, local authorities such as Waltham Forest and Southwark and two thirds of UK universities in committing to fossil fuel divestment