Campaigners pushing The West Yorkshire Pension Fund (WYPF) for a fossil-free future have won the support of a 13th MP.
The WYPF, which is administered by Bradford Council, is facing renewed calls to sell its investments in oil and gas.
But Councillor Andrew Thornton, Chair of WYPF’s Joint Advisory Group (JAG), has said the portfolio is “transitioning its investments to achieve net-zero portfolio emissions by 2050”.
Simon Lightwood MP (Wakefield, Labour Co-Op) has joined all of West Yorkshire’s Labour MPs - bar one - to call on the local council pension scheme to end investments in companies such as BP and Shell.
In correspondence with a constituent, Mr Lightwood said: “I am happy to support the campaign and to be added as a supporter. We are in a climate emergency. While changing the way pension funds invest will not solve the crisis on its own, it must be part of the wider approach to tackling this issue. UK pension funds - in both the public and private sectors - continue to hold significant investments in fossil fuel companies. I agree that pensions have a vital role to play in our efforts to reach net zero and to keep the goal of limiting global warming to 1.5°C within reach.”
Judith Cummins (Bradford South, Labour), who backs a similar fossil free campaign for the MPs’ pension fund, is the only Labour MP in West Yorkshire who hasn't signed her name to the campaign.
Speaking to The Telegraph & Argus, Ms Cummins said: "I know that WYPF has acknowledged the threat that climate change poses to its investments, but I believe it must go further. It must now respond to the concerns of stakeholders over its continued investments in fossil fuel companies and take steps to wind-down those holdings without risking damage to the fund."
The only Conservative politician to explicitly express support for the campaign is Cllr Matthew Robinson, who represents Harewood.
Jane Thewlis, a campaigner for Fossil Free West Yorkshire, said: “It’s great news that Mr Lightwood is supporting the campaign. We’ve all heard the UN Secretary General’s comments from COP27 in Egypt that we are ‘on a highway to climate hell, with our foot on the accelerator’.
“So it’s vital that local organisations like the Pension Fund take climate action as a matter of urgency. Divestment does not only send a signal to fossil fuel corporations, it protects the financial and environmental interests of Pension Fund members.
“What’s more, divestment isn’t difficult. Other local authority pension funds are pulling out all of their investments from oil and gas. We say this should be done over the next two to three years. All five of the West Yorkshire councils have voted for the Fund to divest, it’s time for WYPF to get on with it.”
What has Bradford Council said?
Councillor Andrew Thornton, Chair of WYPF’s Joint Advisory Group (JAG), said: “West Yorkshire Pension Fund (WYPF) both recognises the risks of climate change to its investments and the concerns of those arguing for divestment from fossil fuel companies.
“In response WYPF has set out in detail how it is addressing these issues in its Responsible Investment Policy and its TCFD Statement, both of which are published on the fund’s website wypf.org.uk.
“The primary obligation of the fund is to meet current and future member benefit requirements. To achieve this, various categories of investments are used to meet the required return, spread over a large and diversified portfolio to mitigate risks.
“There is a responsibility on the fund to achieve the best return, to take proper advice, act prudently and reasonably.”
The chair added: "The fund is committed to achieving a net-zero portfolio for its investments and implementing this commitment with the aim of achieving real economy emissions reductions. WYPF is signed-up to the Institutional Investors Group on Climate Change (IIGCC) Net Zero commitment statement, which includes transitioning its investments to achieve net-zero portfolio emissions by 2050 or sooner.
“WYPF’s investment in renewable energy assets, technology and sustainable infrastructure has increased significantly over the last few years and currently stands at £978m, with a further £183m committed for investment in unlisted funds. This is far in excess of its holdings in non-renewable energy."
Have you got a story for us? Email newsdesk@telegraphandargus.co.uk or contact us here.
Follow us on Facebook, Twitter and Instagram to keep up with all the latest news.
Sign up to our newsletter to get updates sent straight to your inbox.
You can also call us on 01274 705292.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel