By Susanna Rust2021-05-24T14:10:00+01:00
Wandsworth pension fund, part of the UK’s local government pension scheme (LGPS), has begun the process of reducing investment in fossil fuels after embedding climate risk and decarbonisation in its investment policy.
Like many other LGPS funds, the Wandsworth scheme believes that engagement is better than divestment, but last year it made the decision to change its equity allocation from 60%, split 24% UK and 36% global, to 55% global, which would significantly reduce its weighting to fossil fuels.
In keeping with the new equity allocation, the £2.1bn (€2.4bn) pension fund has started to progressively reduce investment in UK equities and instead focussing on global investments.
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