KCC Pension Fund slowly but surely divesting from assets which kill humans and destroy the planet
For its 135,000 investors it is good news, so is it for the rest of us. Kent County Council’s Pension Fund is slowly but surely divesting pension assets from companies who contribute towards death and destruction of the planet. KCC’s Pension fund has grown from £2.5 billion in 2006/07, to £6.4 billion in 2018/19, a staggering 156% increase in 13 years. The line graph below (interactive) shows their net assets at year end between 2006/07 and 2018/19.
It’s working, slowly but surely it’s working. Kent County Council Pension Fund have divested pension assets from BAE Systems and Lockheed Martin. So people who invest into this fund no longer contribute towards the making of weapons used across the world to maim and kill. It’s a small step, but an important one. They to no longer hold shares in Amazon, Facebook and have substantially reduced their holdings in Royal Dutch Shell from £76 million to £6.4 million. KCC have heavily divested from petrochemical and mining companies between 2017 and 2019. The Pension fund though still invests into companies such as Lukoil, Petrobras and Glencore who along with other companies contribute to climate and ecological change. However it is encouraging they have all signed up to Climate Action 100+.
In a comment from KCC Cllr Martin Whybrow (Green) (pictured), who has long campaigned for divestment from fossil fuels for both the Kent pension fund and KCC’s own direct investments, has said
“Councils, public investors (including Norway’s £750 billion pension fund, considered the world’s largest sovereign wealth fund), private investors, charities and NGOs, churches, educational institutions, the UK’s Environment Agency and ever more others are committing to divestment and it is long overdue that KCC did the same.”
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