We welcome the news that all ten of our local councils, along with the GM Combined Authority, have declared a climate emergency.
But the Greater Manchester Pension Fund (GMPF), run by Tameside on behalf of all the local authorities and other employers, continues to invest huge sums in polluting fossil fuel companies.
GMPF’s largest direct investments are in Shell and BP. As of 31 March 2019, GMPF had almost £1.7 billion invested in the fossil fuel industry – more than any other local authority pension fund..
GMPF tries to justify these investments with talk of fiduciary duty, engaging with fossil fuel companies as a shareholder, and making the best possible returns for the Fund.
In our new ‘fact check’ briefing, we show how these arguments fail to stack up, and how continuing to gamble on risky fossil fuel investments is dangerous for pension holders and employers, and undermines climate action across Greater Manchester.