First UK’s fossil free pension scheme to be launched on Monday

London charity Platform is launching the first cooperative and fossil free pension scheme in the UK, focused on sustainable society and renewable energy.

The scheme, called OurFuture, challenges traditional pensions, which have millions invested in fossil fuels, large multinationals and unethical banks. The charity says the new scheme will be run by members and will promote investment that supports renewable energy and local economies.

Mika Minio-Paluello of Platform said, “Our pensions should build a future we want to live in, not increase inequality, privatise our services or trash the climate. We want to democratise pensions and create a progressive financial infrastructure.”

“Pensions claim to offer a safe and comfortable future. But what’s the point of a great individual pension if our society has been privatised and the planet is burnt? Our pensions should build a future against austerity and fossil fuels.”

The pension scheme would invest in community-owned renewables, public transport, social housing and organic agriculture. The charity believes this would create sustainable growth, as well as have a positive impact on the society.

Paluello added, “This is an different way of doing pensions – OurFuture aims to be the first democratic fossil free pensions cooperative. But it’s early days – at the moment we’re asking people to pledge support on our website, and to help us make it a reality.”

Earlier this year, a group of MPs called on their pension fund to cut out fossil fuel holdings, because of the financial risks involved in these investments.

Photo: Francisco Osorio via flickr

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Further reading:

Swedish pension funds urged to divest from fossil fuels

San Francisco pension fund opts against fossil fuel divestment

Norwegian pension fund divests from ‘financially worthless’ fossil fuel firms

Vermont looks at fossil fuel divestment for state’s pension funds

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