Assembly tells Mayor to stop investments in dirty energy

11 March 2015

The London Assembly today urged the Mayor to avoid investment in any bonds, stocks or shares connected with fossil fuel extraction. A motion agreed by Assembly Members also called for a commitment from the Mayor not to accept sponsorship and advertising from fossil fuel companies in any part of the Greater London Authority (GLA) Group. The motion also asks the London Pension Fund Authority to seek an immediate freeze on any new investment in fossil fuel companies and to offer a fossil fuel free pension scheme to members.

Jenny Jones AM, who proposed the motion said:

"The Mayor and the London Pension Fund Authority now have a chance to show real leadership by making sure our pensions don’t fund more fossil fuel extraction. We must get out of dirty energy to avoid runaway climate change, and to protect pension fund members from the likely collapse in the value of fossil fuels that cannot be used.”

Dr Onkar Sahota AM, who seconded the motion said:

"The Mayor has an important opportunity to fulfil his pledge to reduce London’s carbon emission levels by 60% by 2025.

“Agreeing to divest from fossil fuels would not only boost London’s contribution to tackling climate change and secure our capital’s future prosperity, it would offer reassurance to those concerned the Mayor had lost sight of this objective.

"By publicly supporting the principle of divestment and committing to avoid investment in schemes connected with fossil fuel extraction, the Mayor could trigger the process that leads to London becoming a world leader in tackling the injustice of climate change. We sincerely hope he takes this all important step.”

The full text of the motion is here.

Notes to editors:

1. The motion was agreed by 15 votes for to 3 against.

2. Watch the full webcast.

3. Jenny Jones AM who proposed the motion is available for interviews. Please see contact details below.

4. As well as investigating issues that matter to Londoners, the London Assembly acts as a check and a balance on the Mayor.

For media enquiries, please contact Mary Dolan on 020 7983 4603. For out of hours media enquiries, call 020 7983 4000 and ask for the London Assembly duty press officer. Non-media enquiries should be directed to the Public Liaison Unit on 020 7983 4100.