Time to divest the London Pension Fund from fossil fuels
It's time to up the pressure for fossil fuel divestment of the London Pension Fund Authority. The LPFA is the largest pension fund in the capital and manages £4.6 billion on behalf of more than 80,000 people. The fund has £42 million directly invested in fossil fuels, and many more millions invested indirectly.
Campaigners at Divest London and allies have achieved some striking successes. In March last year, the London Assembly voted in support, calling on the Mayor of London to support divestment and on the London Pension Fund Authority to divest over the next 5 years. Boris Johnson rejected this call, but in the London mayoral elections all the major candidates supported divestment. And interestingly, the LPFA has invested significantly in renewable energy.
With Sadiq Khan's commit to divestment included divesting the LPFA, the mayoral election result could be seen as a big and instant victory - the huge LPFA fund would be divested forthwith. However, Sadiq has limited powers over the board of the LPFA which like many such bodies is very far from being fully accountable and democratic.
There is a crucial board meeting on 5 July - please sign the relevant petitions below and share widely.
LPFA members sign here to call for divestment
Anyone can sign the open petition for divestment. The petition will be presented in early July.
Fossil fuel divestment is not just about safeguarding the future of the planet, it also safeguards funds from the significant risks now associated with fossil fuel investment, in particular stranded assests from unburnable carbon. High profile figures in the financial industry warn that funds that do not take these risks seriously are failing in their duty to investors.
Share the petitions with your friends, and networks! The campaign is particularly looking to get more trade unions involved.