London Borough of Waltham Forest Pension Fund will divest from fossil-fuel investments over the next five years.
The agreement was made Thursday, show pension fund committee documents.
The £735 million ($955 million) pension fund had £24 million of oil and gas exposure via equity and convertibles as of March 31, 2015, according to its latest annual report.
The pension fund committee had already agreed at a June meeting to invest 5% of the fund’s equity exposure in a strategy that excludes fossil fuel-related investments. The pension fund had £510 million invested in equities at March 31, 2015, showed the report.
Fossil Free, an international divestment movement, said in a news release Friday that the pension fund was the first local government pension scheme to commit to divesting from all fossil fuels.
“Waltham Forest Pension Fund is proud to commit to divesting from fossil fuels,” said Councilor Simon Miller, chair of the pension fund committee, in the release. “Not only does this mean that the fund will not be invested in stranded assets, but will be actively investing in cleaner, greener investments to the benefit of our community, borough and environment.”
Mr. Miller was unavailable to comment further. Details on reallocation of these assets could not be learned by press time.