One of the (many!) disturbing trends of the past few years in the climate emergency is the backtracking of major banks on their climate targets and ambitions, and on their fossil fuel investment policies. This includes household names such as HSBC, NatWest and Santander.
USS holds £ 36 million in Banco Santander Chile, £ 34 million in HSBC and an undisclosed amount (probably around £ 10 million) in NatWest.
Our friends at Share Action have launched a campaign to press pension funds to respond to this. In particular for scheme members to ask their pension providers how they plan to use their influence to push banks to stick to their climate commitments, whether they will hold banks who weaken their climate promises accountable by voting against directors, and how they are protecting savers’ long-term financial interests from climate-related risks.
You can contact USS via the ShareAction webpage below! Please forward responses from USS.
Best wishes
Bill and Paul
DivestUSS