Investing in Renewables

Parliament pension invests in renewables

Investing in Renewables

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Parliament has switched a third of its £700m pension fund to low carbon and environmentally sustainable funds, with 5% going toward renewable energy infrastructure.

This move comes after 360 cross-party MPs urged the government to align the investment with our climate target of achieving net zero emissions by 2050.

Parliament pension invests in renewables
Photograph: Aaron Chown/PA

Leadership across Labour, the Liberal Democrats, the SNP and even senior members of the Conservative party all supported the campaign.

While there are still multi-million pound investments in Royal Dutch Shell and BP, those investments have fallen by two-thirds and a quarter respectively.

Caroline Lucas, of the Green Party, said:

‘Investing in clean energy is clearly the right thing to do, financially and for the future of our planet, so I’m glad the Parliamentary Pension Fund is doing this. But it has to also stop investing in Shell and BP.

These investments cannot be justified on ethical, environmental or financial grounds, and they undermine MPs’ credibility in addressing the climate emergency. They have to stop.’

This follows a growing trend of investment firms and asset managers reducing their investments in fossil fuels – firms like BlackRock, JP Morgan, Amundi, Nest and others.

While these actions may not go as far as we would like today, they are step in the right direction.

As we reflect on the type of world we want to open our doors to when the current crisis has passed, how we invest our money is key.

So while you’re at home, take some time to review your pension and investments and make sure they align with your values. And if they don’t, make the switch.