KCC defends investments

County finance chiefs have defended a multimillion pound pension fund investment in fossil fuels in the face of criticism from environmental groups.

Figures released today (Thursday) show Kent County Council’s pension fund has investments totalling £267 million in fossil fuel companies, representing just under 6% of its total fund.

Campaign groups say councils should reconsider their investment policy as fossil fuels contribute to climate change.

KCC says its primary responsibility is to ensure a good return for its pension fund members but its stance is described as “completely unacceptable” by KCC Green county councillor Martin Whybrow.

“These sorts of investments are contrary to KCC’S policies and responsibilities, including its Kent Environment Strategy and public health remit.

“It is unacceptable to hide behind ‘fiduciary responsibility’ - in other words, having to make the maximum return on investments.”

But cabinet member for finance, Cllr John Simmonds, said: “We continue to meet our responsibility of ensuring that investments are legal and ethical.”