Greater Manchester Pension Fund must walk the walk on BP emissions

Local government pension fund GMPF must back a motion to BP’s annual shareholder meeting [27/04/23] calling for it to align its emissions reduction programme with the Paris Agreement, or it will be failing in its duty as a ‘responsible investor’ says local councillor Sam Al-Hamdani.

The UK’s largest public sector pension fund, GMPF has steadfastly refused to stop investing in fossil fuel companies, instead arguing that it should use its influence to modify company behaviour. This motion gives it a direct opportunity to do just that, which Liberal Democrat Councillor Sam Al-Hamdani says “must be taken”.

“If GMPF fails to back this motion, then its defence for investing in fossil fuel companies would seem to be in tatters.

“This is exactly the type of motion that does what GMPF claim they intend to do. Other pension funds – including local government ones – have already backed the motion – GMPF should be leading the way.”

Councillor Al-Hamdani has written to both GMPF and Oldham Council’s representative on the pension fund, Councillor Abdul Jabbar, asking them to vote for and publicly back the motion.

He continued: “Oldham Council recently backed my call for GMPF to stop investing in fossil fuel companies by 2030, and for them to report back each year on what they were doing to change company behaviour in the meantime.

“If they meant that, then they must back this motion. This is concrete action, that will preserve our environment for the future. Our children deserve nothing less.”