Jeremy Corbyn backs drive to cut fossil fuel ties from MPs' pension fund

Posted On: 
11th December 2017

Jeremy Corbyn and John McDonnell have argued the £612m pension fund for MPs should end its investments in fossil fuels.

Jeremy Corbyn said Brits "must wean our economy off its fossil fuel dependence"
Credit: 
PA Images

The Labour leader and Shadow Chancellor backed the Divest Parliament campaign which urges the Parliamentary Contributory Pension Fund to cut its ties to the industry.

The fund currently holds a £5.6m stake in BP and £5m of shares in Royal Dutch Shell - among other investments.

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Mr Corbyn urged Britain to “show leadership in confronting the existential threat posed by climate change”.

He added: “One contribution we can make as MPs is to end the investment from our pension fund in fossil fuel industries, which is why I have signed the pledge.

“To help protect our planet, we must wean our economy off its fossil fuel dependence and do more to move towards clean and renewable energy.”

The 2017 Labour manifesto said 60% of all energy generated in the UK should come from zero-carbon or renewable sources by 2030.

The Conservatives meanwhile hope to produce 15% of all energy from renewable sources by 2020.

Green Party leader Caroline Lucas and Conservative MP Zac Goldsmith have also backed the Divest Parliament campaign.