Investors - MARCH 24, 2020

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Parliament pension fund drops some fossil fuel companies, but not all

by Kali Persall

The £733 million ($849 million) Parliament Contributory Pension Fund (PCPF), a retirement system for members of Parliament (MPs) in the United Kingdom, has cut down its exposure to fossil fuel companies and shifted toward renewable investments, according to The Guardian.

A third of the fund is now being invested in low-carbon and environmentally sustainable funds. The change follows calls from MPs for the pension fund to align the fund with the United Kingdom’s larger climate commitments. However, PCPF did not entirely renounce fossil fuel investments. The fund still retains holdings in companies such as Royal Dutch Shell and BP PLC.

“Investing in clean energy is clearly the right thing to do, financially and for the future of our planet, so I’m glad the Parliamentary Pension Fund is doing this,” said Caroline Lucas, Green Party MP for Brighton Pavilion.

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