New research has revealed that GMPF’s investments in fossil fuels could be helping to block action on climate change (1).
Leading US business magazine Forbes quotes a recent study that shows the world’s five largest publicly owned oil and gas companies spend approximately £160 million every year on lobbying designed to control, delay or block action to tackle climate change.
GMPF currently invests nearly £700m in these top five, notably £295m in BP and £333m in Shell.
Stuart Bowman from Fossil Free Greater Manchester commented
“GMPF claims that council pension funds will persuade big energy companies to move away from fossil fuels. But this report shows how these companies are not listening. In fact they are actively trying to block the action we need to take”.
BP has the highest annual expenditure on climate lobbying at £41 million, followed by Shell with £39 million and ExxonMobil with £32 million. Chevron and Total each spend around £23 million every year
One tactic that companies use is to give the impression that they are investing heavily in renewable energy but in fact this represents only 3% of their total investments.