Greens on the London Assembly will push local councils to divest from fossil fuels and invest in renewable energy that benefits London, Green Mayoral candidate Sian Berry said today.
It comes as a new report revealed that London councils have a staggering £1.8bn invested in fossil fuels.
Greens on the London Assembly have already led the way in getting City Hall’s £4.8bn pension fund out of coal, oil and gas investments.
Greens now intend to ramp up the pressure on local government if they win additional seats on the London Assembly in May, where they could hold the balance of power. In particular they will target the London Pension Funds Authority (LPFA) to divest. The Mayor of London appoints the LPFA’s Chair.
Greens on the Assembly would work with pension funds to get £1.8bn invested in London renewable energy rather than fossil fuels.
Green Party mayoral candidate Sian Berry said:
"Pensions are all about the future and fossil fuels are an incredibly short-sighted investment all public pensions should avoid. Investing in new green industries would help get London’s economy ready for the long term, creating jobs that benefit local communities and greater resilience at a time when our city is increasingly vulnerable to the changing climate.
“Divestment would move public sector pension investments away from industries and fuels of yesterday, and help end our long standing dependence on fossil fuels. It would help to boost London’s contribution to tackling climate change too, where we have the potential to lead the world.”