• CAMDEN Pension Committee agrees fully with the council and campaigners that climate change is real, happening now and an emergency that we need to respond to.

As a result:

– we have begun work on significantly decarbon­ising our investments with our exposure to fossil fuels nearly halving to less than 5 per cent, a significant divestment;

– we have added climate change as a stand-alone risk on our risk register, ensuring every decision is viewed through a climate lens; and

– we have committed to making a positive investment in sustainable infrastructure which will include renewables.

Last year the Camden Pension Fund won the LAPF award for best approach to ESG, environ-mental, social and governance and impact investing.

We absolutely acknowledge that given the size of the task ahead we need to do more and now. Next meeting we are discussing our new investment beliefs and I anticipate climate action being front and centre of this.

Climate risk and opportunity lies in every asset we own and we need to think carefully about the lowest cost and fastest decarbonisation path for each of our investments.

It is this latter point, ensuring that the costs of this transition do not fall disproportionately on those least able to bear them, that drives me and the committee to make sure we make the right decisions on climate both now and for the future.

CLLR RISHI MADLANI
Chair, Camden Pension Committee