Scottish Conservative MP demands end to pension-spending on Oil and Gas

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Scottish member of Parliament Luke Graham is now the first of the conservatives to sign the divestment pledge in a bid to combat climate change.

189 MPs have signed the pledge thus far, with the SNP members having the most influence on signatures.

The most recent pension fund annual report showed five of the largest investments were in the energy giants, including BP, Shell and Total. The investment combined totalled just under £17million.

In October, the UN Intergovernmental Panel on Climate Change (IPCC) stated the planet will be at risk of drought and flooding in 12 years if global warming increases by as small as half a degree (from 1.5C).

Mr Graham said: “I care deeply about raising the profile of environmental issues across Ochil & South Perthshire and this includes supporting the transition to a low-carbon economy that helps tackle climate change and create jobs.

“As such, I am pleased to back the Divest Parliament campaign and believe my pension should be invested in an environmentally sustainable and ethical way.”

Despite this, the companies who receive such large investments from pension funds (BP, Shell and Total) have all made pledges to contribute to climate change targets.

Each firm has joined the Oil and Gas Climate Initiative, focused primarily on energy companies, which in September set a target of lowering methane emission levels by one-third by 2025.

 

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