3rd March 2024

Great news! After years of campaigning by Fossil Free West Yorkshire, the West Yorkshire Pension Fund (WYPF) has just announced that it will:

  • Not use WYPF assets to fund new fossil fuel developments. In particular WYPF will not be lending to the oil, gas and coal sector.
  • Review its level of holdings in the oil and gas sector. This review will include an assessment of the impact of WYPF’s engagement with the sector…Pending completion of this review, WYPF will not be increasing its holdings in listed fossil fuel stocks.

The West Yorkshire Pension Fund also committed to increasing its investments in climate solutions.

See the WYPF’s full press release here and Fossil Free West Yorkshire’s press release here.

WYPF is the latest pension fund to join a growing movement of investors that have chosen to review the impact of their engagement with the fossil fuel sector. This is the approach recommended in the Net Zero Investment Framework1, which the Greater Manchester Pension Fund claims to be following.

Last year the Church of England undertook such a review and subsequently announced that it would divest from fossil fuels.2 In February PFZW, the huge Dutch health and welfare sector pension fund, announced that it had sold 97% of its assets in oil and gas companies, having concluded that their transition away from fossil fuels is not happening fast enough.3

We have just written to all the members of the Greater Manchester Pension Fund’s Management Panel to tell them about the WYPF’s decision and call on them to follow West Yorkshire’s example.