USS has updated their listing of their public equity holdings as of September 30th 2023. We have reviewed this and can reveal that
USS held shares in 44 of the biggest fossil fuel companies in the world, with 5 of the 10 top shale companies and 3 out of 4 of the biggest fracking companies. They have more than doubled the number of their holdings in the biggest fossil fuel companies since 2014. USS also held 46 of the top 190 companies in the “Climate Wreckers” index – the companies with the biggest fossil fuel expansion plans, and USS also held shares in 33 of the top 60 lenders to fossil fuel companies worldwide.
Note that these numbers underestimate USS’s investment in fossil fuels and the companies financing them, as only about 30-40% of their portfolio is in listed equities, with a similar percentage in bonds and fixed income assets, plus significant private market investments such as Heathrow.
More information about these data and USS investments is available on the Resources page of the website.
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