Recently released figures show that the East Riding Pension Fund – which administers Hull City Council pensions – has invested over £300million in fossil fuels, equating to just over 7% of the fund’s total value.
When it comes to investment decisions we should be looking for opportunities that will help the environment – not harm it.
Pension fund investments in fossil fuels can undermine efforts to tackle climate change and can also pose a risk to pension holders as markets become increasingly volatile.
We would like to see the East Riding Pension Fund investing more in renewables to help the environment and provide a long-term return for pension holders.
Lib Dems in Hull will be urging the East Riding Pension Fund to look at again at how it invests the money of local pension holders.