PensionBee, an online pension provider, has introduced a new fossil fuel-free fund in collaboration with Legal & General Investment Management. This fund is specifically designed to exclude investments in fossil fuel producers, tobacco firms, manufacturers of controversial weapons, and persistent offenders of the UN Global Compact.
The fund tracks a specialized index: the FTSE All-World TPI Transition ex Fossil Fuel ex Tobacco ex Controversies Index. This index is part of a new series aligned with the goals of the Paris Agreement, developed in partnership with the Transition Pathway Initiative, FTSE Russell, and the Church of England.
Clare Reilly, Chief Engagement Officer at PensionBee, expressed that the fund’s creation was driven by customer demand. “Our customers have played a crucial role in making this fund a reality, first by indicating their desire for a product that entirely excludes companies with oil, gas, and coal reserves, and then by committing to invest even before its official launch,” she stated.