Camden New Journal reports that Camden Council’s pension fund has £6 million locked up in Russian fuel companies. This is despite the council pledging in 2019 to rid its pension funds of fossil fuel investments as part of its declaration of climate and ecological emergency.
The revelation emerged last Thursday evening following a question from Green councillor Lorna Russell, whose party has repeatedly urged the council to divest from fossil fuel companies on the grounds of the climate emergency.
What’s more, Nigel Mascarenhas, the Town Hall’s head of treasury and financial services told councillors: “Markets are shut now so we can’t even sell.”
Independent financial advisers have warned pension funds with investments in fossil fuels that they will face a tricky few months because of the ramifications of the war in Ukraine on Russian oil company share prices.
It’s one more reason we should divest the council’s pension fund from fossil fuels entirely to meet Camden’s net zero commitments and to protect the long-term value of the fund for council employees.