The Local Government Chronicle (LGC) has asked all 86 Local Government Pension Scheme (LGPS) funds in England and Wales whether they had set a target date to become net zero, with 72% providing information. A total of 26 funds said they had set a net-zero date – 42% of respondents. Of these, eight said they had set dates earlier than 2050, and 18 had chosen 2050, or 2050 at the latest. Those with a Net Zero target date by 2050 or earlier includes:
- Shropshire
- Staffordshire
- West Midlands
Isaac Beevor, campaigns and policy officer at Climate Emergency UK, which recently published an analysis of the climate action plans of 409 councils across the UK, warned that 2050 was “too late”. “Councils should set a net-zero target date for their pension funds as long as the definition of net zero is clear and it includes moving funds away from fossil fuel companies,” he told LGC. “But this is a climate emergency and to have a 2050 net-zero target for a pension fund is too late – we have to be living net zero by 2050. That means councils’ pensions need to be net zero or real zero far sooner in order to invest in and help create the industries and society of the future.” The pressure on LGPS funds to set net-zero target dates is only likely to increase. How they and their partners decide to address this highly charged and complex issue could have real global consequences.
