There’s always been a compelling case on environmental grounds for the Greater Manchester Pension Fund to withdraw its investments in fossil fuel companies.
Now it also makes great sense for basic economic reasons.
The Manchester Evening News has reported that “last year it was revealed that the fund has suffered a £375m loss after investments in oil and gas companies crashed in value in the last three years”.
However, Councillor Brenda Warrington, leader of Tameside council and chair of the GMPF refuses to answer calls to disinvest claiming that “the fund was committed to investing pension assets ‘to create a sustainable, better future without compromising on returns”.
Complete nonsense!
It’s time to face facts and recognise that the GMPF investment in fossil fuels is a bad choice for the planet and those who have a stake in the Greater Manchester Pension Fund.