By Isle of Wight ObserverThe Isle of Wight Council (IWC) Pension Fund has invested £30.4 million into overseas fracking.
IWC ranks 9th out of 99 local authorities that were tasked with Freedom of Information requests by environmental activists 350.org, Platform and Friends of the Earth.
The data shows that 5.4% of the council’s total pension fund has been invested directly or indirectly into overseas fracking through BP, Shell and BHP Billiton.
IWC say they have a duty to pay pensions and therefore don’t restrict investment managers from choosing certain stocks, like oil and gas.
Friends of the Earth campaigner, Deirdre Duff says UK councils “should know better than to invest in fracking companies”.
Many UK councils have opposed fracking in their own area. Ms Duff said it is “shocking” as this data shows councils “still support the global fracking industry”.
Ms Duff added: “We should remember too, that the climate change caused by fracking will affect us all – no matter where the fracking is conducted.”
An Isle of Wight Council spokesman said: “The Isle of Wight Council Pension Fund has a fiduciary duty to ensure it has sufficient funds available to pay pensions.
“In light of that obligation, and in order to maximise investment return, the fund has a diverse range of investments and does not restrict investment managers from choosing certain stocks including oil/gas/coal companies as well as renewable energy opportunities. The investment strategy is regularly monitored.”
