UK Government pension scheme begins ditching oil and gas investments

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Photograph by Jeff Mitchell/Getty Images

Nest aims to reduce workers’ exposure to companies with reserves of coal, oil and gas.

The move has been welcomed by climate change campaigners and comes amid an ongoing global carbon divestment campaign that has succeeded in persuading hundreds of institutions, including universities, pension funds and charitable foundations, to dump billions of pounds of shares in carbon-intensive industries.

Nest has named oil groups Shell and ExxonMobil as two of the companies in which it is set to scale back its investment, with SSE, one of Britain’s biggest energy firms, one of those likely to be a beneficiary of the new strategy.

via  The Guardian

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