Fossil free MPs' Pension Fund campaign secures backing of 200 politicians
A campaign to divest the MPs' Pension Scheme from fossil fuel investments has gained the support of 200 MPs and former MPs across partisan lines.
The cross-party group of politicians have signed the Divest Parliament Pledge, organised by Fossil Free, to call on the fund to review and phase out investments in fossil fuel companies.
The support comes as world leaders meet in Poland for the United Nations' annual Conference of Parties to discuss a recent report by the Intergovernmental Panel on Climate Change. It found there were just 12 years left to take action to ensure warming above pre-industrial levels remains below 1.5 degrees Celsius.
The group - which launched in 2014 by a small group of MPs including former Green Party leader Caroline Lucas - are concerned about the environmental, social and financial risks posed by inaction on climate change.
Signatories also include Labour leader Jeremy Corbyn, Scottish National Party (SNP) Westminster leader Ian Blackford, and Liberal Democrat leader Sir Vince Cable.
In total, 172 current MPs have backed the campaign, comprising 10 Conservative MPs, 97 Labour MPs and 29 SNP MPs. All but one Lib Dem MP has signed the pledge, alongside six MPs from other parties or sitting as independents.
Labour MP Clive Lewis, who sits for Norwich South, said it was important for the international conference to develop strategies to move away from the polluting fuels.
He added: "This transition requires scaling up of investment and I am encouraged that 200 of my colleagues, from across the political spectrum, agree that we should invest the MPs' Pension Fund in this greener and brighter future."
Lucas added it was now "morally indefensible" to be investing in "companies which profit from wrecking our planet".
"MPs have a duty to take action to prevent the worst of climate change," she continued. "One simple step we can take is ditching our investments in fossil fuels - and instead invest in clean, renewable energy, and low-carbon technologies."
The campaign has already succeeded in forcing the pension fund to disclose its investments, resulting in a report, published in March last year, revealing its largest individual holding was in BP.
It also comes amid a backdrop of increasing regulatory efforts to strengthen trustees' fiduciary duties and understanding of the risks associated with issues such as climate change.
Just 5% of the top corporate pension funds have a specific climate change policy.
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