As Europe’s largest conservation group, The National Trust of the UK is a powerful organization with loads of wealth. The organization holds up to £1 billion ($1.3 billion) in assets, with a large chunk dedicated towards fossil fuel companies including BP, Shell, and Total. In the past, the National Trust had pledged to cut down its own use of fossil fuels and had warned about the impact of climate change. But after a Guardian investigation revealed that the organization was investing tens of millions of pounds into oil, gas and mining companies, they were caught red-handed.
Now in a bid to escape their own hypocrisy, The National Trust is now divesting the £45 million it has invested in fossil fuel companies. That’s big news, especially because it signals that the divestment trend shows no sign of slowing down.
Earlier this year, Norway’s national oil fund worth more than $1 trillion pulled its funds away from fossil fuels and diverted them towards renewable energy. About two-thirds of the UK’s university pension funds, as well as other public pension funds, have also either divested or changed their rules. Other funds to have divested include the Irish infrastructure fund, the New York state pension fund, and Waltham Forest and Southwark councils in the UK.
