London Borough of Hackney’s pension fund has reduced its exposure to carbon reserves by a third since 2016, according to a report to its special pensions committee.
The results show that the cut carbon investments by 31.4% between July 2016 and June 2019, which the council said means the fund is well over halfway to its target of 50% over six years.
The report said: “The reduction is fully compatible with the fund ‘s wider investment strategy and has been achieved with no negative impact on performance; the fund’s performance has improved relative to its peer group (other local authority pension funds) over the three year period since the introduction of the target.”
