A new report has studied the twelve largest publicly-owned producers of oil and gas – the “Dirty Dozen” – finding that these companies have been retreating from their climate commitments and have announced plans for the expansion of fossil fuel production in the coming years. Furthermore, there has been an increasing concentration of ownership of the Dirty Dozen by a small number of huge asset management companies who are the driving force seeking shareholder returns no matter what climate damage this causes.

USS holds shares in ten of the Dirty Dozen companies. They have long argued that they need to be invested in fossil fuel companies in order to persuade them to transition to clean energy. The evident failure of this policy is exemplified by the renewed fossil fuel expansion plans of these companies. You can read more about where USS currently invests here.