Oldham Council calls on GMPF to go green

October, 2021 Print

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The Greater Manchester Pension Fund (GMPF) is being urged to divest from fossil fuels, following a resolution passed by Oldham Council in late July.

A motion demanding GMPF divest of all fossil fuels was proposed by Councillor Sam Al-Hamdani (Lib Dems) and seconded by Councillor Louie Hamblett (Lib Dems) at a full meeting of the council on 14 July.

The motion was passed, and the council provided a mandate to its representative to lobby the GMPF board.

It is seeking the adoption of responsible investment policies which freeze any new investment in the top 200 publicly traded fossil fuel companies and by the end of 2021 divest from direct ownership of companies involved in coal mining.

Within two years, GMPF would have divested from direct ownership of all fossil fuel companies, along with any funds that include public equities and corporate bonds of fossil fuel companies.

GMPF would also be required to set out how it intends to quantify and address the impact of climate change risks on all other investments and to focus future investments in areas that minimise climate change risk. Where possible, Oldham Council would like to see investment in local climate solutions that will benefit fund members, their families and the wider community.

Finally, the chief executive was asked to write to the leaders and chief executives of the other nine Greater Manchester local authorities to ask for their support on this matter.

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