Hull & East Riding Liberal Democrats: No more fossil fuel investments for pension funds

By Admin Lib Dems, Mar 09, 2021 1:03

Chimey stacks with smoke

Liberal Democrats from both Hull and the East Riding have called for changes to how the council's pension funds are invested, following the news that both authorities have recognised the climate emergency.

The Liberal Democrats do not want to see any further investment in fossil fuels that would result in more severe flooding and land loss to rising sea levels. Flooding and land loss have already caused significant harm already in the region.

This has led to concerns raised in both Hull and the East Riding regarding the East Riding Pension Fund's investments in the fossil fuel industry.

The pension funds are overseen by the East Riding Council. Key employers in this pension fund include Hull City Council, while North East and North Lincolnshire councils are also signed up members to the huge pension fund.

The Liberal Democrats have requested to see the extent to which the pension fund is investing in the fossil fuel industry.

 

Liberal Democrat Deputy Leader of the East Riding of Yorkshire Council Liberal Democrats, Cllr Denis Healy, who sits on the pensions committee, said:

"It has been a big push by East Riding opposition councillors over some years to get the Conservatives to admit we are facing a climate emergency. I am pleased they finally accepted this serious reality last week.

"Whilst, this is good news we can't waste any time, I've called for action at a key East Riding meeting last week - we need to review the investments.

"Lib Dems have concerns over just how much of council employee's pension money is being invested into shares in the fossil fuel industry. I have requested this information because we need to know the extent we are dealing with and form a swift exit strategy from fossil fuel investments.

"Pension funds need to be more open, transparent and member-driven by employees. Many employees would take issue with what their pension money was being invested into."

 

Lib Dem Deputy Leader of the Hull City Council Liberal Democrats, spokesperson for Energy and Environment, Cllr Ryan Langley said:

"The Labour administration in Hull are letting the Conservative administration in the East Riding call all the shots on investments. The Liberal Democrats believe the fund should, if we are serious about the climate emergency, play it's part in addressing this.

"The East Riding Pension fund doesn't just cover four local authorities it also covers a large number of academy trusts in Hull and East Riding.

"We all need to play our part to help Hull reach its carbon targets by 2030. We shouldn't be investing in fossil fuels with employee's pensions, it is harmful to our environment and brings more severe flooding and loss of land in Hull and the East Riding."

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