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| Wed, 29th Jul 2020 11:59:00 |
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UK's biggest pension fund begins fossil fuels divestment |
National Employment Savings Trust to shun firms involved in coal, tar sands or arctic drilling.
The UK’s biggest pension fund, the government-backed National Employment Savings Trust (Nest) scheme with nine million members, is to begin divesting from fossil fuels in what climate campaigners have hailed as a landmark move for the industry.
The fund will ban investments in any companies involved in coal mining, oil from tar sands and arctic drilling.
The ban will mean that some of the world’s biggest mining companies, such as BHP, can never be part of Nest’s share holdings, as long they derive profits from digging coal. It said it will sell its final holdings in BHP by 3 August.
Nest will also seek to reduce its carbon-intensive holdings, such as with the traditional oil giants, while investing more money in renewable energy infrastructure.
The fund’s chief investment officer, Mark Fawcett, said Nest was sending a strong and clear message about the seriousness of climate change.
Nest is hesitant about describing its new policy as a full divestment programme. It said it remained interested in oil companies that were transitioning from carbon-based fuels to green energy and renewable technology and that it would use its muscle to challenge them and push for stricter targets.
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