MP calls on WYPF to stop investing in fossil fuel companieswritten by Bella Palmer
People want their investments to help build a greener future for themselves and their children, according to the MP
Thousands of people across the region have their pensions with WYPF and according to the MP, many say they want their investments to help build a safer and greener future for themselves and their children.
Ms Lynch said: I am more than happy to add my support to the list of local MPs who support the call for West Yorkshire Pension Fund to start to divest from fossil fuels now. As we once again face extreme weather in our area, divestment sends a clear message that we cannot wait any longer for the shift towards greener cleaner sustainable energy, in order to create a liveable future for us all.
The campaign for a Fossil Free WYPF welcomed Holly Lynch’s statement.
Ali Stopher, a spokesperson for the group, said: Everyone knows that the climate emergency is real and is causing real damage to peoples’ lives and livelihoods.
Yet WYPF still invests £millions of its members money in companies like Shell and BP - whose only reason for existing is to find and sell fossil fuels. Those fossil fuels cause the climate crisis. That has to stop now.
Investing in fossil fuels is also very dangerous for our pensions. Soon the value of stocks in oil and gas companies is going to plummet because the market will quickly realise that renewable energy, like wind and solar power, is the future. £211 million was wiped off WYPF due to its oil investments crashing over the past three years.
That’s about £740 per member. This is the second highest loss out of 56 UK council pension funds. Last year the South Yorkshire Pension Fund decided it will pull out of fossil fuels - West Yorkshire can do the same. It’s time to divest for the sake of our planet, our future - and our pensions.
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