Wakefield Labour MP calls for pension fund to pull out of oil and gas investments

Wakefield MP Simon Lightwood has joined calls for a pension fund to stop investing in fossil fuels to help the fight against climate change.
By James Carney
Published 21st Nov 2022, 04:30 BST
Updated 21st Nov 2022, 12:14 BST
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Simon Lightwood has joined 12 other West Yorkshire Labour MPs to call on the local council pension scheme, West Yorkshire Pension Fund, to pull out all of its investments in fossil fuel companies such as BP and Shell.

Speaking to a constituent Mr Lightwood said: “I am happy to support the campaign and to be added as a supporter alongside the fantastic number of councils, MPs and organisations on the Fossil Free West Yorkshire website.

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"We are in a climate emergency. While changing the way pension funds invest will not solve the crisis on its own, it must be part of the wider approach to tackling this issue.

WAKEFIELD, ENGLAND - JUNE 24: Labour Party candidate Simon Lightwood is declared winner of the Wakefield by-election on June 24, 2022 in Wakefield, England. The by-election was called in Wakefield after the seat became vacant when Conservative MP Imran Ahmad Khan was convicted of child sexual assault. Politicos are watching the by-election as an indicator of how Boris Johnson's "partygate" travails may be affecting his party's prospect at the ballot box. (Photo by Ian Forsyth/Getty Images)WAKEFIELD, ENGLAND - JUNE 24: Labour Party candidate Simon Lightwood is declared winner of the Wakefield by-election on June 24, 2022 in Wakefield, England. The by-election was called in Wakefield after the seat became vacant when Conservative MP Imran Ahmad Khan was convicted of child sexual assault. Politicos are watching the by-election as an indicator of how Boris Johnson's "partygate" travails may be affecting his party's prospect at the ballot box. (Photo by Ian Forsyth/Getty Images)
WAKEFIELD, ENGLAND - JUNE 24: Labour Party candidate Simon Lightwood is declared winner of the Wakefield by-election on June 24, 2022 in Wakefield, England. The by-election was called in Wakefield after the seat became vacant when Conservative MP Imran Ahmad Khan was convicted of child sexual assault. Politicos are watching the by-election as an indicator of how Boris Johnson's "partygate" travails may be affecting his party's prospect at the ballot box. (Photo by Ian Forsyth/Getty Images)

“UK pension funds - in both the public and private sectors - continue to hold significant investments in fossil fuel companies. I agree that pensions have a vital role to play in our efforts to reach net zero and to keep the goal of limiting global warming to 1.5°C within reach.”

Hilary Mitchell, Labour councillor for Lupset and Thornes in Wakefield, is a member of the West Yorkshire Pension Fund’s Investment Advisory Panel.

She said: “It’s great our MP has added his voice to the growing call for WYPF to start divesting.

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"There is a large and growing financial risk from not divesting. Other council pension funds invest locally or in community/renewable energy or housing to benefit local people. We have no time to lose on climate action – the time is now.”

The call arrived as the COP27 climate change conference in Sharm El Sheik, Egypt came to a close at the end of last week.

Around 200 countries agreed to open an emergency fund to help less wealthy countries that have been most affected by climate change.

The conference reiterated its commitment to limit global warming to 1.5C above pre-industrial levels.

But experts say current policies mean we are on track for a rise of about 2.7C

Mr Lightwood’s office said his constituents supported the call.

Related topics:MPsWakefield LabourWakefieldWest Yorkshire