Labour mayoral candidate David Lammy called on Boris Johnson to “put his money where his mouth is” today and stop investing London pensions in fossil fuels.
The Tottenham MP, launching his Green Plan, said the move would send “a clear message” about how seriously the Mayor takes air pollution in London.
Mr Johnson is responsible for appointing the board of the £4.8 billion London Pensions Fund Authority, the largest local government scheme in the capital.
Around £48 million of the body’s funds have been invested in coal, through firms including Rio Tinto and BHP Billiton, as well as oil through global giants such as Chevron, BP, Shell and Total.
Mr Lammy, who vowed to end the practice if elected, said: “Boris needs to tell the LPFA to stop investing in the fossil fuels that are causing these problems for Londoners.
“This is where the Mayor can take a real lead but Boris has not done it. If I am Mayor there will be no more investment from the LPFA in polluting fossil fuel industries.
“It would send a clear message from the Mayor’s office about how seriously he takes this issue. It’s time for him to act to keep our air clean and our city green.”
Mr Johnson has committed to a 60 per cent reduction in London’s carbon emissions by 2025 and has adopted a range of measures to tackle vehicle pollution and retrofit buildings to achieve this.
Mr Lammy set out plans to radically expand electric car hire, roll-out the ultra-low emission zone across the capital within two years, rather than five, and to double TfL’s cycling budget.
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He would also establish a London Energy Co-operative using collective buying power to purchase more energy from renewable sources to sell to Londoners at cheaper rates than the big firms.
Mr Lammy said: “Air pollution is a serious problem affecting the health and life quality of Londoners and we need a Mayor with a plan for tackling it. My Green Plan for London will bring air pollution within EU limits by 2025, reduce polluting emissions from all sources, produce more clean and affordable energy and promote investment in green industries.”
The Mayor rejected a move by the London Assembly to divest the LPFA from oil, coal and gas in May, suggesting it would be a “sudden cliff edge” that could damage the fund.
He said a more realistic approach for the UK to move away from fossil fuels and its reliance on the Middle East and Russia for energy was to focus on developing fracking.