Russia’s war on Ukraine exposes Camden’s broken divestment promises

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.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: