Councils in the UK invest £16.1billion of their workers’ pensions into companies that extract coal, oil and gas, according to data released today.
Northumberland is revealed to invest £72million in fossil fuels or 6.85 per cent of its pensions.
The Government told local authorities to combine their pension investments into eight pools from 2015.Northumberland’s pool (Border to Coast) invests £2.4billion out of its £43.2billion total into fossil fuels.
Compared to 2015 data, investments in fossil fuels by councils nationally have gone up in real terms, but did not change significantly in proportion to the size of the pension funds. The figures show that councils have not made any significant changes to their investments in response to calls to take climate risk into account, in the two years since the Paris Agreement.