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Council's pension "fracking" investment could be unlawful

 
Created on 03/09/2018 @ 17:46
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Powys County Council is among several local authorities in Wales that have invested in fracking companies as part of its pension fund, it is claimed.

And a charity says the investments could be unlawful.

According to a BBC report, more than £600m was invested by council pension funds in firms with fracking operations globally during 2016-2017.

Powys is understood to have invested just under £20m through its pension fund.

In Wales, there is a moratorium on fracking implemented by the Welsh Government. It is consulting on whether to grant new licenses.

The research was carried out by Friends of the Earth Cymru working with Platform and 350.org.

According to the BBC report, Powys is among eight councils which have pension funds investing in companies involved in fracking in Argentina, USA, Canada, Australia, China and Oman.

"At exactly the same time as the Welsh Government is proposing to effectively kill off any prospects of fracking in Wales, the news that Welsh local authority pension funds are investing money in companies who continue to frack in other countries around the world is shocking," said Friends of the Earth Cymru spokesman Bleddyn Lake to the BBC.

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