http://www.theecologist.org/News/news_analysis/2295694/planners_pension_funds_set_to_win_from_fracking_permissions.html
Special Investigation Planners' pension funds set to win from fracking permissionsJan Goodey, Will Cottrell & Ed Jones
http://www.theecologist.org/News/news_analysis/2295694/planners_pension_funds_set_to_win_from_fracking_permissions.html
Two Councils at the front line of fracking protests - Greater Manchester and West Sussex - have pension funds investing in the major fracking operators - while decisions on planning applications to frack are pending...........
The spreading tentacles
Lawrence Carter, energy campaigner at Greenpeace UK said: "After the business rate bribes promised by the government, it now turns out that councils have their pension pots riding on the outcome of fracking applications. These councils appear to have a worryingly large stake in the success of the UK's fracking industry.
"Fracking is a highly controversial issue and council authorities owe it to their citizens to ensure that they are far beyond even the slightest suspicion of a conflict of interest. Local councils are institutions trusted by the vast majority of the population – they need to do all they can to retain that trust."
In Balcombe, Cuadrilla is waiting on planning permission from West Sussex County Council to continue its controversial work from last summer with a series of flow tests to assess the viability of fracking.
WSCCPF invests in the US firm to the tune of £3.8m through its UK partner, Centrica. It has also invested in IGas, which has a licence block covering the West Sussex town of Storrington.
This investment is via IGas shareholder Ballie Gifford, a fund manager for WSCCPF. The firm is the recipient of the largest WSCCPF investment - £187m - an undisclosed proportion of which is invested in IGas.
Celtique Energie is looking to frack in nearby Fernhurst, Billingshurst and Wisborough Green. It too is a potential money-spinner for the Council, although to a lesser extent: WSCCPF has fracking investments through two portfolio funds, Partners Group and Pantheon Global Secondary Fund (under £5,000 in each).
Two Councils at the front line of fracking protests - Greater Manchester and West Sussex - have pension funds investing in the major fracking operators - while decisions on planning applications to frack are pending...........
The spreading tentacles
Lawrence Carter, energy campaigner at Greenpeace UK said: "After the business rate bribes promised by the government, it now turns out that councils have their pension pots riding on the outcome of fracking applications. These councils appear to have a worryingly large stake in the success of the UK's fracking industry.
"Fracking is a highly controversial issue and council authorities owe it to their citizens to ensure that they are far beyond even the slightest suspicion of a conflict of interest. Local councils are institutions trusted by the vast majority of the population – they need to do all they can to retain that trust."
In Balcombe, Cuadrilla is waiting on planning permission from West Sussex County Council to continue its controversial work from last summer with a series of flow tests to assess the viability of fracking.
WSCCPF invests in the US firm to the tune of £3.8m through its UK partner, Centrica. It has also invested in IGas, which has a licence block covering the West Sussex town of Storrington.
This investment is via IGas shareholder Ballie Gifford, a fund manager for WSCCPF. The firm is the recipient of the largest WSCCPF investment - £187m - an undisclosed proportion of which is invested in IGas.
Celtique Energie is looking to frack in nearby Fernhurst, Billingshurst and Wisborough Green. It too is a potential money-spinner for the Council, although to a lesser extent: WSCCPF has fracking investments through two portfolio funds, Partners Group and Pantheon Global Secondary Fund (under £5,000 in each).