Several of Britain's top pension funds say they would have lost hundreds of...
West Yorkshire said in its annual report it would have lost around 200 million pounds had it sold holdings in oil and gas companies in the three years to September 2018 and reinvested in other UK stocks. It would have lost 160 million pounds in the three years to September 2019, a spokeswoman said.Reuters contacted 47 of Britain’s largest pension funds, with 33 saying they were not divesting from fossil fuels.
In Britain, smaller local government schemes have taken the lead, including Clwyd in Wales which is planning a new strategy involving divestment. Southwark in south London said divestment had helped it improve returns, but few large schemes are following suit. Many big funds said they preferred to focus on companies’ carbon footprint. Manchester said it was moving 2.5 billion pounds of the fund’s assets into a low carbon strategy.
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