British lawmakers demand their pension fund divests fossil fuels

By Nina Chestney

LONDON, May 22 (Reuters) - A third of British lawmakerscalled on Wednesday for their 700 million pound ($885 million)parliamentary pension fund to divest its holdings in fossil fuelcompanies to address the climate change "emergency".

Pension funds, sovereign wealth funds, religious groups anduniversities have sold oil, gas and coal stocks in recent yearsbecause of their impact on climate change.

Britain's parliament declared a symbolic climate change"emergency" this month. Although it has no direct consequencesfor policy, it was seen as a nod to increasingly vocal activistmovement demanding change.

Globally, more than 1,000 funds with assets in excess of$8.7 trillion have made divestment commitments, includingNorway’s $1 trillion sovereign wealth fund, the world's largest.

"The climate emergency demands that all pension funds divestfrom fossil fuels and invest in positive solutions to theclimate crisis," British Green Party MP Caroline Lucas said,ahead of an expected parliamentary debate on the issue.

A third of the 650 serving members of parliament (MP) fromdifferent parties and 29 former MPs have been calling onBritain's Parliamentary Pension Fund since 2014 to disclose itsinvestments in carbon-intensive industries and commit to phasingout fossil fuel investments.

The fund holds around 11.7 million pounds of shares in oilmajor BP and nearly 11 million pounds in Royal DutchShell.

Activists on Tuesday disrupted BP's annual shareholdermeeting, a day after protestors blockaded the entrance to itsLondon headquarters, demanding it end all new oil and gasexploration.($1 = 0.7906 pounds)(Reporting by Nina Chestney;Editing by Alexander Smith)