Camden Council pension savers are unwittingly bankrolling the construction of polluting gas terminals in the United States, according to a new investigation. The Bureau of Investigative Journalism (TBIJ) found that Camden’s pension fund has invested in a fund managed by KKR, which in turn funded the Port Arthur LNG (liquefied natural gas) terminal along the Gulf Coast of Louisiana and Texas.
Investment Details
The council’s 2024/5 pension report shows that £123.9 million was invested into a pooled fund, with £6 million going to KKR. A portion of that money was used to support the gas terminal. Camden’s pensions committee chair, Cllr Rishi Madlani, stated that only around £230,000 was directed specifically to Port Arthur LNG, with the remainder going to renewable projects. He emphasized that Camden’s indirect exposure to gas-related infrastructure is just 0.01% of the total £2.4 billion Pension Fund.
Climate Emergency Commitments
Camden declared a Climate Emergency in 2019 and has been working to reduce fossil fuel exposure. A council spokesperson said: “Our ambition remains to continue to reduce our fossil fuel exposure.” The council noted that fossil fuel exposure has been reduced to 0.62%, with £67.7 million invested in renewables. However, critics argue that investments in LNG, which has a greenhouse gas footprint larger than any other fuel according to a 2024 study, contradict these commitments.
Transparency Concerns
Green Party councillor Lorna Jane Russell called for greater transparency, stating: “It is deeply concerning that Camden’s pension fund is investing in highly polluting infrastructure. This underlines the urgent need for far greater transparency.” The use of private markets, which are often excluded from council climate commitments, makes it difficult for the public to track where money goes.
Human Impact
Families living near the US gas terminals report health problems linked to pollution. Roishetta Ozane told TBIJ that pollution has caused asthma and increased cancer rates in her community. “We’re seeing more women develop health issues … having pre-term babies or having miscarriages,” she said. Two of her children have asthma, and she believes pollution exacerbated seizures suffered by her son, who died last year.
Broader Context
Camden has faced protests over pension fund investments linked to arms companies used in conflicts. The council maintains that its investments in fossil fuels are minimal and part of a managed transition. The Bureau of Investigative Journalism, a non-profit group, conducted the research to hold power to account.
