The West Yorkshire Pension Fund (WYPF) has knocked back a call from trustee Kirklees MBC for it to stop investing in firms that produce fossil fuels.
WYPF chair, Cllr Andrew Thornton, said the fund ‘recognises the concerns of those arguing for a divestment from fossil fuel companies’ within the next three years but insisted it had a ‘responsibility to achieve the best return’.
He added the fund was ‘committed to achieving a net-zero portfolio for its investments’ but Kirklees said it wanted the fund to move all its current investments into environmentally-friendly businesses.
Kirklees leader, Cllr Shabir Pandor, said: ‘Investing in fossil fuel producing companies is not something we support as it counteracts our commitment to tackling the climate emergency.
‘Successful investments that provide our staff with the pension they deserve don’t have to have a negative impact on the environment.’