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."

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