Online pension provider PensionBee has launched a fossil fuel free fund, created in partnership with Legal & General Investment Management.
The plan completely excludes fossil fuel producers, tobacco companies, manufacturers of controversial weapons and persistent violators of the UN Global Compact.
It tracks an index called the FTSE All-World TPI Transition ex Fossil Fuel ex Tobacco ex Controversies Index, created especially for the fund, and is part of a new Paris-aligned index series designed in collaboration with the Transition Pathway Initiative, FTSE Russell and the Church of England.
Clare Reilly, chief engagement officer, PensionBee, says: "It’s our customers who have made this possible every step of the way, first by telling us they wanted a product that completely excludes companies with oil, gas and coal reserves from their investments, and secondly, by pledging to invest in the fund ahead of its launch."