Chris Elmore MP has reaffirmed his commitment to the campaign to divest Parliament’s pension funds from fossil fuels, which has now amassed the support of over 300 MPs.
Almost half of all MPs have now signed up to support Divest Parliament’s pledge which calls on the Trustees of the MPs’ Pension Fund to produce a fossil free investment policy by November.
MPs want to see their pension funds invested elsewhere and phase out its substantial investment in fossil fuel companies such as Shell and BP. The fund currently holds £11.6 million of shares in BP Plc and £10.9 million in Royal Dutch Shell. Earlier this year, the UK Parliament became the first country in the world to declare an environment and climate emergency.
Chris Elmore MP said:
“Parliament declared a climate emergency in May of this year. That wasn’t just a soundbite for an empty promise – it was a call to action to enact the real changes we need to see across our society to mitigate the very real impacts of global climate change.
“If we’re serious about tackling climate change, it remains completely absurd for us, as Parliamentarians, to still have our pension funds invested in fossil fuel companies. We can’t call for action on the one hand and then fuel it on the other.”
Under the Climate Change Act (2007) and the Paris Climate Change Agreement, the UK is legally committed to limiting global warming to below 2°C this century, with an ultimate aim of below 1.5°C.
Chris Elmore MP added:
“If we really want to work towards a sustainable low carbon future, we in Parliament must lead from the front and divest Parliament of financial ties to the fossil fuel industry. The climate emergency requires us to act decisively to promote and encourage people to do the right thing – including MPs!”