20 January 2022
The Lambeth Fund continues to lead the way amongst local government pension funds in the fight against climate change, and over the past two years has worked to reduce the carbon exposure of its investments. However, the Committee recognises there is much more that can be done to improve the environmental sustainability of the Fund whilst continuing to meet its obligations to pay pension benefits – a 2040 net zero target represents an ambitious goal to further reduce the Fund’s carbon emissions.
This commitment aligns with Lambeth Council’s declaration of a climate emergency in 2019 and a further commitment to achieving net zero emissions by 2030 across the emissions the council directly controls (buildings and operations). The Fund’s net zero by 2040 target represents a move to consider emissions outside of the Fund’s direct control, but with influence over.
Cllr Anna Birley, Chair of the Lambeth Pensions Committee, said “The Committee has always been determined to show leadership in addressing the climate crisis and has worked ardently to understand the issues and make informed judgements to improve the sustainability of the Fund. This is the right thing to do both for our planet and for our scheme’s beneficiaries – we do not believe we can meet our fiduciary duty to our members here in Lambeth if we do not approach the climate emergency with urgency and ambition.Source: London CIV
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