Councillors urge Derbyshire Pension Fund to take ‘urgent action’ over its  investments

Councillors are calling on Derbyshire County Council’s pension fund to take ‘urgent action’ regarding its investments.
Watch more of our videos on Shots! 
and live on Freeview channel 276
Visit Shots! now

The Derbyshire Pension Fund currently has £200million invested in fossil fuel companies, according to Chesterfield Liberal Democrat councillors Paul Niblock and Keith Falconer.

They want the fund to end its investments in such firms and instead start pumping money into renewable energy companies – amid growing awareness about climate change issues.

Councillors Paul Niblock and Keith Falconer.Councillors Paul Niblock and Keith Falconer.
Councillors Paul Niblock and Keith Falconer.
Hide Ad
Hide Ad

The county council said the fund’s investments in fossil fuel firms had halved in recent years.

Councillor Falconer said: “Investment in companies supporting a green economic recovery from Covid-19 must be increased.”

Coun Niblock, himself a Derbyshire Pension Fund pensioner, added: “Despite Derbyshire County Council having a comprehensive climate change agenda and claiming to lead in the reduction of greenhouse gases, why is its pension fund still investing my hard-earned contributions in fossil fuels?”

The county council manages the Derbyshire Pension Fund on behalf of many local employers, including all the area’s district and borough councils, Derbyshire Constabulary and Derbyshire Fire and Rescue Service.

Hide Ad
Hide Ad

A county council spokesperson said: “As the administering authority for Derbyshire Pension Fund, we have a duty to comply with statutory investment regulations which require the fund to hold a broad spread of investments in order to control risk.

“Consideration is given to the issue of climate change as part of the evaluation of all investment risks associated with the fund’s diverse portfolio. The pension fund’s recently published climate-related disclosures report the steps being taken by the fund to manage climate-related risk.

“Over the last few years, the fund’s investment in companies involved in the production of fossil fuels has halved to around four per cent of the portfolio, at the same time the fund has made new investments in global sustainable equities and renewable energy companies.

“A climate strategy for the pension fund is currently being developed. Individual members of the fund and their employers will be asked for their views on the strategy as part of a consultation process in the autumn.”

A message from the editor

Thank you for reading this story on our website. While I have your attention, I also have an important request to make of you.

In order for us to continue to provide high quality and trusted local news on this free-to-read site, I am asking you to also please purchase a copy of our newspaper.

Our journalists are highly trained and our content is independently regulated by IPSO to some of the most rigorous standards in the world. But being your eyes and ears comes at a price. So we need your support more than ever to buy our newspapers during this crisis.

With the coronavirus lockdown having a major impact on many of our local valued advertisers - and consequently the advertising that we receive - we are more reliant than ever on you helping us to provide you with news and information by buying a copy of our newspaper.

Thank you

Nancy Fielder, editor