More than 60 civil society leaders including MPs, climate experts, faith leaders and local councillors have signed an open letter accusing pensions and financial inclusion minister Guy Opperman of backing continued investment in fossil fuels.
Writing in The Telegraph earlier this month, Opperman argued investors with environmental concerns should hold onto their stocks in oil and gas companies so they can "nudge, cajole or vote firms towards lower-carbon business practices". The minister has since sought to clarify his position, arguing that divestment "should be part of a strategic approach to managing pension schemes' exposure to risk, rather than something to be used by default" but that "forcing pension schemes to divest and sell their assets to others would be self-defeating and counterproductive". But his comments ha...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
