London mayor Sadiq Khan has called on local authorities in the capital to divest pension fund investments from fossil fuel companies. Last year, the London Pension Fund Authority committed to no longer consider new investment in companies directly engaged in the extraction of coal, oil and natural gas as sources of energy. Khan said: “I am now calling on local authorities across the capital to join me in taking their pension funds out of companies that can damage the planet and lead to climate change. By working together, we will have a louder voice to convince polluting firms to change their ways in order to tackle climate change.”
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Conrad Hall: a central/local tension is the cause of the financial crisis – not funding
The local government financial crisis has not been caused by a lack of funding: that’s just a symptom of the inherent conflict of having independent local authorities within a highly centralised state, argues Conrad Hall.
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