On Air The Afternoon Show Alex Brindley | 3:00pm - 5:30pm

Local gov't pensions portfolio has £900k in fossil fuels

Douglas Council says investment review due in September

Douglas Borough Council has around £900,000 invested directly in fossil fuel companies, as part of the local government pensions portfolio. 

It accounts for 1.1% out of a total £79.6 million in investments under the scheme, as of March this year.

The information was requested after climate change protestors, led by Christian Aid IOM, asked the council to divest funds from fossil fuels during a demonstration in June.

Chair of the pensions committee, Councillor Karen Angela, says the subject is up for discussion at the next review of investments in September.

The council runs the scheme on behalf of all local authorities, and has advised fund managers to work under certain principles.

Under these, the clear aim is to maximise returns, whilst considering environmental, social and governance (ESG) factors.

Aside from the £900k, it's unknown how much indirect investment in fossil fuel firms is made through pooled funds, as the council does not keep up-to-date details of this information. 

More from Isle of Man News