Offshore pensions’ £194m loss
SCOTS pension funds have lost £194million through investment in fossil fuels in three years, environmental campaigners claim.
The analysis is being used by Friends of the Earth to encourage a shift away from oil and gas.
The “divestment” campaign focused on Strathclyde Pension Fund, which campaigners said lost £46.4million.
It was followed by Lothian with £36.1million and Falkirk with £34.8million.
The findings suggest an average loss worth hundreds of pounds to some members.
Environmental activists target these type of investments because of their links to global fossil fuel firms such as BP, Exxon and Shell.
Campaigners say the continued involvement of oil and gas is at odds with declarations of a climate emergency by public bodies including the Scottish Government.
Sally Clark, from Glasgow-based group Divest Strathclyde, said: “This news is a further demonstration that fossil fuel investments are neither good for the planet nor our pensions.
“Forward-looking pension funds can instead support the transition to a more sustainable Scotland, investing in sectors that will enhance the wellbeing of citizens while ensuring good returns for pensions holders.”
The Record contacted Strathclyde Pension Fund for comment but they did not respond.
Robert Noyes, from campaign group Platform, which analysed the data, said: “It is well past time for pension funds to drop oil and gas stocks, both for the climate and their future valuation.
“They should have listened to divest campaigners. Instead, the burden is being dumped on the public, pensioners and the Global South.”