September 9, 2019

DUP MPs CALL FOR END TO FOSSIL FUEL INVESTMENTS

Contact: [email protected] & 07746 315 316 (John Hardy, Divest Parliament campaigner)

Photos: Free photos to use available to download herein.

DUP MPs CALL FOR END TO FOSSIL FUEL INVESTMENTS 

Half of the DUP MPs call on the Parliamentary Pension Fund to phase out its substantial investment in fossil fuel giants such as Shell and BP, following growing concerns about climate crisis.

[Northern Ireland, UK] Emma Little-Pengelly, MP for South Belfast and Nigel Dodds, MP for North Belfast have become the latest MPs to sign the Divest Parliament Pledge, joining more than 290 cross party MPs calling on the Parliamentary Pension Fund to review and phase out investments in fossil fuel companies [1]. The campaign has previously been supported by Gavin Robinson, Jim Shannon and David Simpson of the DUP, and independent MP Lady Hermon.

Emma Little Pengelly, MP South Belfast, said: “People are increasingly aware of the impact our actions have on the environment and want action to prevent further damage. I believe it is the prudent and responsible thing to do for Parliament to lead by example and take actions such as divesting parliament of investments in fossil fuels”.  

Nigel Dodds, Deputy Leader for the DUP and MP for North Belfast, said, “My constituents have made it clear that they care about climate change and we believe that divestment is the best way to show leadership on this issue. I am very pleased to support this campaign and that I am joined by several of my  colleagues in the DUP”.

The campaign was started in 2014 by a small group of MPs, including the Green Party MP Caroline Lucas. Their first success was to pressure the trustees of the MPs Pension Fund to disclose its investments, revealing that the largest individual holding is in BP PLC [2,3]. On average, fossil fuel companies dedicate only 1% of their spending to clean energy projects [4].

If successful, the campaign would see Parliament joining the Irish National Infrastructure Fund, the New York State Pension fund, local authorities such as Waltham Forest and Southwark and two thirds of UK universities in committing to fossil fuel divestment. The Church of Ireland have announced that they will no longer invest in fossil fuels, while the Northern Ireland Assembly Pension Fund have agreed to review their investments [5].

John Hardy, Divest Parliament campaigner from Belfast said: “2019 has seen communities all across world upended by extreme weather as our shared climate begins to unravel. The science is clear that fossil fuels have caused this, so we cannot continue to fund oil and gas companies which are fuelling climate breakdown. It is encouraging to see the DUP MPs backing the move away from fossil fuels and towards clean energy solutions that will positively bring about green jobs, clean air and the best chance of reducing the impacts of climate change”.

 

ENDS 

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[1] Pledge text available here and full list of supportive MPs available here. The campaign asks the Pension Fund to ‘quantify, review and disclose its investments in carbon-intensive industries, engage in a dialogue with fund members and publicly commit to phasing out fossil fuel investments over an appropriate time-scale.’

[2] In March 2017, it was revealed that the MPs Pension Fund invests in fossil fuels, tobacco and tax avoiders, coverage in The Independent.

[3] According to the 2018 report, the largest holding of the PCPF is in BP Plc (£11.68m). The fund also contains holdings in Royal Dutch Shell Plc (£10.95m).

[4] A recent report by Carbon Disclosure Project revealed that on average, fossil fuel companies allocate just 1.3 per cent of their total 2018 capital expenditure to green energy projects, coverage in The Financial Times.

[5] To date, over 1000 institutions across the globe – representing funds worth over $8 trillion – have made some form of divestment commitment. Full list of commitments available here. Coverage in the Irish Times herein regarding the Church of Ireland’s decision to divest from fossil fuels.

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