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300 MPs urge their pension fund to drop oil and gas shares

More than 300 MPs from all parties have called on the trustees of Parliament’s pension fund to dump all its shares in oil and gas companies.

The demand to ditch fossil fuels came in the Divest Parliament Pledge, which has been signed by Labour leader Jeremy Corbyn, Liberal Democrat leader Jo Swinson, the SNP’s Westminster leader Ian Blackford and Culture Secretary Nicky Morgan.

The Parliamentary Pension Fund’s single biggest holding is £11.6 million shares in BP. It also owns £10.9 million of shares in Royal Dutch Shell.

Caroline Lucas, Green MP for Brighton Pavilion, said: “The climate emergency requires that we keep fossil fuels in the ground.

“[I] am encouraged by the huge number of MPs who now agree that we must move our investments away from the polluting industries of the past, and instead support policies that will bring about a clean energy future.”

The pledge states: “We believe Members of Parliament have a responsibility to act on climate change, and a unique opportunity to show leadership on climate action, responsible investment and the management of climate risk through addressing the practices of our own pension fund.

“We call on the Trustees to uphold their fiduciary duty and take the financial risks of climate change seriously.

“We ask they quantify, disclose and review the fund’s investments in carbon-intensive industries, engage in a dialogue with fund members and managers on responsible investment, and commit to phasing out fossil fuel investments over an appropriate time-scale.”

The scheme is backed by 30 former MPs and London Mayor Sadiq Khan.

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