Huddersfield Daily Examiner

MP adds fuel to fire in fight over fossils

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HUDDERSFIE­LD MP Barry Sheerman has joined calls for the MPs’ parliament­ary pension fund to stop investing in fossil fuel.

Climate change campaigner­s are urging their local MPs to call for the fund to move its £612m of assets away from companies involved in extracting fossil fuels such as oil.

In 2016, the Parliament­ary Contributo­ry Pension Fund (PCPF) invested millions of pounds of MPs’ money into fossil fuel companies, including £5.59m in BP and another £4.9m in Shell. Climate change activists say this is at odds with the UK government’s commitment under the Paris Agreement to keep global warming well below 2°C.

Mr Sheerman has previously supported campaign group Fossil Free West Yorkshire’s call for divestment of fossil fuel investment­s in the West Yorkshire Pension Fund.

The Labour MP said: “Climate change is the biggest threat facing humanity and we now know that the vast majority of fossil fuel reserves need to stay in the ground to prevent catastroph­ic climate change.

“Divesting the MPs’ Pension Fund from fossil fuels is one way we can help reduce the power and influence of the fossil fuel industry and speed up the transition to renewable energy.”

Chayley Collis, co-ordinator of Huddersfie­ld Friends of the Earth, said: “It is hugely positive to see our local MP Barry Sheerman leading the way on climate change action.

“We now know that preventing dangerous climate change means the vast majority of fossil fuels need to stay in the ground.

“By divesting their own pension funds from fossil fuels, our political leaders can stand up to the power and influence of the fossil fuel industry and reaffirm the UK’s leadership on climate change. Barry Sheerman has won praise from Friends of the Earth (right) for helping to lead the way on climate change action

“Not only this, but they will be protecting themselves and other pension fund holders from the risk that high carbon investment­s pose to their returns.”

Keeping this commitment would mean leaving at least 80% of known fossil fuel reserves in the ground. The values of both BP and Shell stock are based on their entire fossil fuel reserves, not just the 20% they can burn.

The “Divest Parliament” campaign has been pushing for greater transparen­cy over where MPs’ money is being invested. In March, 2017, the pension fund decided to make public 20% of its holdings for the first time – revealing that £5.59m was invested in British American Tobacco (BAT) and BP in 2015. Millions also went into Shell and mining firm Rio Tinto.

To date, 25 MPs and ex-MPs have signed the divestment pledge.

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