More than a third of MPs have backed a campaign for their parliamentary pension scheme to not include investments in non-renewable energy ahead of a parliamentary debate on the subject later today (22 May).
The 221 sitting MPs and 28 former MPs who signed up to the campaign, led by former energy secretary Ed Davey and Green MP Caroline Lucas, are calling for the Parliamentary Contributory Pension Fund (PCPF) to commit to phasing out fossil fuel investments.
The PCPF currently has £11.7m of shares in BP and almost £11m in Shell.
Davey told the Press Association that “radical” action was needed and that the 2008 financial crash would look like a “picnic” if the “carbon bubble” burst.
He said that the PCPF should set an example by adopting an approach of “decarbonising capitalism” as “we do have an emergency that requires funds to move quickly”.
Davey will lead a debate this afternoon, titled ‘Financial and ethical risks of investments in fossil fuel companies by pension funds', which will discuss the issues outlined by the campaign.
The movement has grown in popularity and size in recent years, although some investors argue that keeping fossil fuel assets and attempting to pressure energy firms from the inside would be more effective than selling off the assets.
Davey added: "By continuing to invest in fossil fuel firms, we are fuelling the fire of climate breakdown - and risking another financial crash.
"We must decarbonise capitalism. UK banks and pension funds must stop making the climate crisis worse and urgently switch to investing in clean tech to secure both our planet and people's future pensions."
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
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