Haringey Council will no longer invest any coal industries after agreeing to move millions of pounds in its pension fund at a meeting last week.

The pledge to invest one-third of Haringey Council’s equity money into low carbon companies was agreed by the pensions committee on Thursday, 14 January.

This means that the council will have no investments in coal industries anywhere in the world. They also agreed to consider specific investment in renewable energy.

The agreement followed lobbying by members of environmental groups in the borough. A petition on the subject reached more than 2,500 names and will be presented to a future full council meeting.

Speaking to the meeting, Haringey Friends of the Earth representative Quentin Given said: “You have a duty of care to pension fund members. That includes preserving a decent world for them to live in.

“There are financial reasons to do this too – we are already seeing the value of coal companies dropping as the world moves towards renewable energy”

Cllr Joe Goldberg, cabinet member for economic development, social inclusion and sustainability, said: “When we are seeking to become London’s first zero-carbon borough, it doesn’t make sense for us to continue to invest in fossil fuels when we want to reduce, and indeed end, demand for them.

“The interest in this issue from local campaigners shows how passionately people in Haringey feel about the environment, and we share that passion.

“I’m proud that the council’s pensions committee has agreed not only to move some funds into a low carbon fund but to also consider investing in low carbon industry, giving us the opportunity to tackle carbon emissions while still getting the best return on our pension fund.”