Do As We Say, Not As We Don't Do - UK Env. Secretary Won't Divest MP Pensions From Fossil Fuels
The Conservative environment secretary, Liz Truss, has said she would not request the MPs’ pension fund to divest from fossil fuels. She told the Guardian: “I believe the right way [to affect investment] is through carbon reduction targets.”
Caroline Flint, Labour’s shadow energy secretary, said she would “look into it”. She declined to support divestment and said the debate over divestment should be about setting the right conditions for long-term investment in environmental sustainability.
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Ed Davey, the Lib Dem energy secretary, told the debate that he supported divestment away from coal, but not gas as it would continue to be needed, and which currently makes up 80% of the UK’s energy use. He said this move was already happening. He said: “The way pension funds are going, they are interested in placing their money in what they see as sustainable forms of investment. To give incentives we need decarbonisation targets. I would make a distinction between coal and oil and gas.”
He also called for more transparency for investors. “If you look at the work of the Bank of England, the Bank of Brazil, the Bank of South Africa, you need to ensure investors have real disclosure about the assets of the companies they are investing in, [to see whether they are] building assets or long-term liabilities. Investor disclosure is one thing we can push through.”
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http://www.theguardian.com/environment/2015/mar/24/mps-pension-fund-should-not-be-divested-from-fossil-fuels-says-liz-truss
