£55 million of Shropshire Council pensions invested in fracking
More than £55 million of council workers’ pensions in Shropshire are invested in fracking companies, campaigners claimed today.
Figures released by a consortium of organisations suggest that 3.2 per cent of the total cash in the £1.7 billion Shropshire pension fund is invested in companies involved in fossil fuels. The data was obtained by green campaign groups 350.org, Platform and Friends of the Earth.
Fracking is the process of drilling down into the earth before a high-pressure water mixture is directed at the rock to release the gas inside.
Water, sand and chemicals are injected into the rock at high pressure which allows the gas to flow out to the head of the well.
But it has led to environmental concerns and campaigners have called for it to be banned.
The data released today ranks council-run pension funds by their investments in companies involved in fracking. It shows that across the UK, councils invest more than £9 billion of their workers’ pensions into fracking companies. The data shows Shropshire’s pension fund invests £55.08million in companies that rely on fracking – 3.2 per cent of the pot.
The West Midlands pension fund invests more than £250m in fracking companies – 1.8 per cent of the pot, according to the figures.
The highest investment came from the Greater Manchester pension fund at more than £989m.
However, the Dumfries and Galloway pension fund was top for the highest percentage of a pension fund invested in fracking companies – at 6.7 per cent.
Sakina Sheikh, divestment campaigner with Platform, said: “The devastating fires and record temperatures this summer have brought the impacts of climate change home. Neither local communities or our climate can afford for the fracking industry to win. Our councils are providing everyday support to the frackers, it’s time to stop. It’s time to divest from fossil fuels.”
Deirdre Duff, divestment campaigner with Friends of the Earth, said: “UK councils should know better than to invest in fracking companies.
“These companies are inflicting their fracking operations on communities around the world, and this can have significant impacts. Many UK councils have rightly opposed fracking in their own area – however it is shocking that they still support the global fracking industry.
“We should remember too that the climate change caused by fracking will affect us all, no matter where the fracking is conducted.”
Shropshire Council was unavailable for comment.
