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16.02.2021 / 19:22
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Greater Manchester Pension Fund criticised for 'woeful' response to calls to divest from fossil fuel firms
direct to your inboxThe Greater Manchester Pension Fund has been criticised for its ‘woeful’ response to calls to divest from fossil fuel firms and align itself with local climate change policies.GMPF, the largest local government pension scheme in the UK, invests more than £1bn in oil and gas stocks each year, a strategy which has proven controversial amongst environmental campaigners.However the fund says it is also the largest investor in renewable energy and energy efficiency with £500m tied up in the industry, including large stakes in biomass.Councillor Brenda Warrington, leader of Tameside council and chair of the GMPF, insists that it will continue to encourage companies to become carbon neutral instead of withdrawing