Hackney Council ahead of schedule in removing pension funds from fossil fuel firms

Protesters outside Hackney Town Hall. Picture: Divest Hackney

Protesters outside Hackney Town Hall. Picture: Divest Hackney - Credit: Archant

The council is ahead of schedule in its drive to divest its pension funds away from fossil fuel companies.

The town hall has reduced its investments by 31% in the last three years, following pressure from eco campaigners at Divest Hackney and a motion declaring a climate emergency a year ago.

Bosses now say they could beat their target of divesting 50% in six years.

Pensions committee chair Cllr Robert Chapman said: "We are proud not only of these latest results, but also to have responded to this issue of climate risk early and to have been one of the first local government pension funds to set and monitor performance transparently against a carbon reduction target.

"We will use these results to help set out investment strategy for the next three years and to make sure we meet or exceed our overall target.

"We are determined we will remain at the forefront of the pension committees taking action to tackle climate change risk as the world moves towards a fossil fuel free future."