Member of Parliament for Feltham and Heston, Seema Malhotra, welcomes the start of London Climate Week by joining a cross-party group of over 270 MPs that has called on the Parliamentary Pension Fund to phase out its substantial investment in fossil fuel giants following growing concerns about climate change.
With the opening of London Climate Week, Seema Malhotra MP strengthened her commitment to climate action by joining the over 270 current and former MPs who have called on the Parliamentary Pension Fund to review and phase out investments in the fossil fuel industry. The call follows growing concerns among constituents about the environmental, social, and financial risks posed by climate change. It is part of a global movement that has seen almost $9 trillion divested from fossil fuel companies so far, including by the Republic of Ireland and Norway’s sovereign wealth fund.
In pledging her support for the campaign, Seema Malhotra MP affirmed the need for fossil fuel divestment to tackle the current environment and climate emergency, and called on fellow Parliamentarians to join her in working toward a more sustainable and just world:
“Divestment from the fossil fuel industry is a crucial step in the fight against climate change and the environmental injustices it perpetuates. For Members of Parliament to show true leadership in taking climate action, we must separate our pension funds entirely from businesses modelled on the extraction and exploitation of Earth’s natural resources and focus on a just transition to a clean energy economy. By doing so, we invest in the wellbeing of our planet and our communities.”
Over 100 Labour MPs have signed the pledge to divest Parliament, including leader Jeremy Corbyn, Mary Creagh and Clive Lewis. Since its creation by a small group of MPs in 2014, the campaign has succeeded in pressuring the trustees of the MPs Pension Fund to disclose its investments, revealingthat the largest individual holding is in BP PLC. On average, fossil fuel companies dedicate only 1% of their spending to clean energy projects. A step change is urgently needed.
The call for divestment aligns with the U.K. government’s historic decision to commit to a target of net zero emissions by 2050. Achieving this target will require phasing out fossil fuel infrastructure and accelerating the development of a clean energy economy. Seema Malhotra MP maintains that the UK government must prioritize making this economic transition a just one that does not leave workers behind and invests in the communities hit the hardest by the climate crisis — communities of colour, low-income communities, and women.
Last week at The Time is Now mass climate lobby day, Seema Malhotra MP heard concerns from Feltham and Heston constituents about climate change and the local impacts of greenhouse gas emissions. Among other issues, they expressed concerns around poor air quality, which threatens environmental and public health across the country. Making electric vehicles more accessible to support clean air and a clean climate is key in Seema Malhotra MPs agenda for fighting the climate crisis.
As London Climate Week continues through until Monday, July 8th, Seema Malhotra MP looks forward to working with her colleagues to support London and the UK in taking the ambitious steps necessary to lead the world in climate and environmental action.
For further information on this story please contact Ilana Cohen on 020 7219 8957 or by emailing ilana.cohen@parliament.uk
For further information on the national Divest Parliament campaign please contact Tytus Murphy on 07908 819 691 or email tytus.murphy@350.org
Find the Divest Parliament platform at https://gofossilfree.org/uk/divest-parliament