Campaigners plan protest against Hackney Council's 'dirty energy' investments
PUBLISHED: 18:56 16 September 2016 | UPDATED: 18:56 16 September 2016
Demonstrators will protest outside the Town Hall on Monday night, calling on Hackney Council to move £42m of its pension fund invested in 'dirty energy' into greener investments.
Last March a Freedom of Information request revealed investments of £42,438,296 in 22 different oil, coal and gas companies.
This included £2,246,655 in Exxon Mobil – the multinational linked to the 1989 Exxon Valdez environmental disaster, which saw 38 million gallons of crude oil spill into the Alaskan sea.
Divest Hackney protesters want the council to use their influence on the joint pension vehicle for all London councils - the London Pension CIV (collective investment vehicle) - to lobby for a London-wide divestment approach.
Sophie Barnes, from the group, said: We’ll also call for them to take a clear position on this - they have previously said fossil fuel investment is not financially sound as well as damaging to the environment, and they repeat this in the council papers for Monday.
“We’ll expect them to back up those words with lobbying the CIV.”
A council spokesman said: “The proposals include a decision to have the Funds carbon footprint and fossil fuel exposure assessed, the results of which will be presented at the forthcoming meeting.
“These results will be used to help inform the Fund’s policy on climate risk, which will be included in its Investment Strategy.
“Work on the Strategy, including the climate risk policy, is expected to be completed early in 2017.”