NEW results show that Hackney Council’s Pension Fund has reduced its exposure to fossil fuel reserves by 31% in the last three years, as part of its response to the climate emergency.

The results place it ahead of schedule in meeting its target to reduce exposure to reserves by 50% over six years, and could even see the fund outperform this target.

Hackney Council declared a climate emergency last year, and committed to some of the most robust and ambitious action of any council to respond to climate change. This is in line with its manifesto commitment in 2018 to build a fairer, safer and more sustainable Hackney.

In 2016 the Hackney Pensions Committee set an ambitious target to reduce the pension fund’s exposure to fossil fuel reserves by 50% by 2022, aligning the fund with the goals of the Paris Agreement on climate change.

Hackney Labour promised in its 2018 Manifesto that it will support the Pensions Committee to reach this target and continue to work towards a fossil free pension fund, while continuing to meet our obligations to Hackney Council’s workers, past, present and future.

Cllr Robert Chapman, Chair of the Pensions Committee, said: “We are proud not only of these latest results, but also to have responded to this issue of climate risk early and to have been one of the first local government pension funds to set and monitor performance transparently against a carbon reduction target.

“We will use these results to help set out investment strategy for the next three years and to make sure we meet or exceed our overall target. This is especially important in the light of recent IPCC Special Report on Global Warming of 1.5 ºC and we will aim to bring our new investment strategy in line with this.

“We are determined that we will remain at the forefront of the pension committees taking action to tackle climate change risk as the world moves towards a fossil fuel free future.”

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