In 2016, Sadiq Khan promised Londoners he would divest the London Pension Fund Authority (LPFA) from fossil fuels. Now the Mayor's office and the LPFA are unveiling a new investment policy which will effectively break that promise.
The new ‘divestment’ policy is full of loopholes that allow fund managers to give a pass to top polluters like Shell and BP. It’s really a policy of engagement, not divestment. The LPFA and City Hall think they can persuade fossil fuel companies to keep their reserves in the ground. We know this doesn’t work.
As the USA prepares to exit the Paris Agreement, and the UK government aligns itself with the climate-denying DUP, we need climate leadership from our city. Mayor Khan has vowed to tackle dirty air, now he needs to keep his promise and tackle London’s dirty investments.
Other leading cities like Berlin and Copenhagen have already made much stronger divestment commitments. Why can’t London?
We are calling on Mayor Khan and the Chair of the LPFA, Sir Merrick Cockell, to commit to real action -- use this letter tool to write to them outlining why you support divestment and why this new policy isn't good enough.