Greater #Manchester Pension Fund investments helping to kill off Great Barrier Reef.

Greater Manchester Pension Fund has significant holdings in an Indian company whose proposed coal mine in Queensland would be a further nail in the coffin of the Great Barrier Reef.

According to a new report by Fossil Free Greater Manchester, the Pension Fund “holds more than £1Bn of direct investments in fossil fuel companies. This includes mining companies (diversified but with sizeable operations in coal), oil and gas companies, andmore specialist companies involved in the exploitation of unconventional oil
and gas (chiefly tar sands and shale oil/fracking).”

As the chart below shows, some of that money is invested in Adani.

gmpf holdings via ffgm

 

Adani is proposing an enormous coal mine in the Galilee basin, in North Queensland.  You can read all about it via the Guardian Australia website.  e.g. “Allegations by Indian customs of huge sums being siphoned off to tax havens from projects are contained in legal documents but denied by company.
Fossil Free Greater Manchester advocates divestment from all fossil fuel
stocks, starting with coal and tar sands.

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About manchesterclimatemonthly

Was print format from 2012 to 13. Now web only. All things climate and resilience in (Greater) Manchester.
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