UK's Biggest Pension Fund Begins Fossil Fuel Divestment

Law360, London (July 29, 2020, 3:17 PM BST) -- Britain's biggest pension scheme said Wednesday it is divesting from fossil fuel companies and injecting £5.5 billion ($7.1 billion) into new climate change strategies in a bid to make its fund carbon-neutral by 2050.

Nest Pensions, a U.K. pension scheme with 9 million members, announced a new environmental policy aiming to decarbonize its investments in line with the goals listed in the Paris Agreement, the legally binding agreement adopted at the Paris climate conference in 2015.

"Climate change poses serious risks to both our savers and their investments," Nest Chief Investment Officer Mark Fawcett said.

"It has the potential to cause...

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