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Treasury 'does not act in haste' with fossil fuel divestment

Governmentt portfolio comes under the spotlight

The Treasury minister has responded to an MHK's probe about government plans to divest funds from fossil fuels, stating it 'does not act in haste.'

Following a Tynwald question from the member for Ramsey Lawrie Hooper, Alfred Cannan says his department 'recognises that climate change is becoming an increasingly important consideration.'

However, a trusted assessment of the ethical, social and environmental credentials of the companies in question, is 'still in the development stage.'

Last month, a freedom of information request revealed the Manx government has £42 million held in gas and oil assets.

While, Douglas Borough Council confirmed almost £1million is held in fossil fuels in its pensions portfolio.

Member for Treasury Bill Shimmins told Manx Radio that divesting would be 'irresponsible' at this time.

Mr Hooper also questioned whether Treasury had plans to introduce a carbon budget process, however the minister says the matter now lies Tynwald's Climate Emergency Consultative Transformation Team to consider.

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