The National Trust has been criticised for having money indirectly invested in fossil fuels and mining companies.
But the charity defended itself and said it engeges with companies to improve environmental performance.
The National Trust's latest accounts show it has £166.7m invested in Legal and General Investment Management’s CAF UK Equitrack Fund.
The Guardian reported yesterday that at least 18.2 per cent of the fund’s portfolio is invested in oil, gas and mining firms, meaning the charity indirectly invests £30.3m in these industries.
It implied that this was hypocritical of the charity, which published a plan in 2016 to “nurse the environment back to health”.
But the National Trust, which is making “on-going changes” to its investment policy, said it did not invest directly in companies that derive more than 10 per cent of their turnover from the extraction of thermal coal or oil from oil sands.
A spokesperson for the charity added: “We also engage with companies to improve their environmental performance and see our role as one of actively influencing behaviour and driving environmental improvements.”
MPs criticise charity
Caroline Lucas, the Green Party’s sole MP, wrote on social media that it was “disappointing to see the National Trust undermining its good work by supporting fossil fuels”.
She added: “Charities and politicians should be leading the way on ditching fossil fuels and supporting climate solutions instead.”
Disappointing to see @nationaltrust undermining its good work by supporting fossil fuels.
— Caroline Lucas (@CarolineLucas) 19 November 2018
Parliament's pension fund is tied up in dirty energy too.
Charities and politicians should be leading the way on ditching fossil fuels and supporting climate solutions instead. @MP_Divest https://t.co/j4DG0cMbRJ
Mary Creagh, chair of the environmental audit select committee, meanwhile, is quoted by the Guardian calling on the charity to “green check” its investments, and “invest in the low-carbon and sustainable technologies of tomorrow”.
Meanwhile, Bridgit Richards, director of product and marketing at CAF, said the Equitrack Fund was not only one it provides to charities.
She said CAF also offers "ethically-screened investment options, which allows charities to choose investments which are right for them”.
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