OIL GIANT SHARES STILL POWER OUR SAVINGS

MORE than £150billion of workers’ pensions is invested in fossil fuel companies.

Campaign group ShareAction, which made the claim, estimates £2.9trillion is stashed in defined contribution pensions. And between five per cent and 10 per cent of that cash is invested in fossil fuel and other energy firms.

Pension funds are coming under growing pressure to consider climate change when deciding which companies to invest in.

A 2017 report from the group Fossil Free UK claimed local authority pension funds had £16billion invested in the fossil fuel industry.

The Greater Manchester Pension Fund, which has nearly £24billion of assets, was said to have up to 10 per cent invested in such firms.

According to the Manchester fund’s last annual report, it had £343million invested in oil giant Royal Dutch Shell and £322million in rival BP. But the fund insisted that fighting climate change was “one of our highest priorities” and that it invests in renewable energy, and failing to act ultimately threatens the planet’s future.

More than 300 MPs from all parties last month called on the trustees of Parliament’s pension fund to dump all its shares in oil and gas companies.

However, experts warn of the dangers to pension fund members in ditching fossil fuel firms quickly.

FOOD is one of our biggest expenses, and yet, as a nation, we’re told that we waste huge amounts of it.

Apparently the average UK household throws £70 worth of food in the bin every month.

Globally, 30 per cent of all food produced is never eaten. That isn’t just an expensive waste, it’s an immoral one too.

The other startling thing about food waste is that it accounts for eight per cent of total greenhouse gas emissions. So reducing

The Greater Manchester Pension Fund said in its annual report that it had made £400million in returns from firms such as BP and Centrica over the past three years.

Meanwhile, Royal Dutch Shell – a staple of UK pension funds – has announced plans to hand out £100billion in dividends and share buybacks between 2021 and 2025.

Others argue pension funds should use their stakes as a powerful weapon to force fossil fuel companies to clean up their act over the environment.

Jeanne Martin, campaign manager at ShareAction, said “divestment can be a powerful statement”.

But she added: “Engagement can be the most effective way to tackle climate change. It means investors like pension funds still have a seat at the table, and can make ambitious demands of the biggest polluters.”