‘Divestment from Israel’s crimes is a moral and legal imperative that cannot be ignored’
UK Local Government Pension Scheme (LGPS) funds are investing billions of pounds in companies supplying arms and equipment to Israel.
The Palestine Solidarity Campaign (PSC) has revealed that over £12 billion in LGPS funds are being invested in companies they say are “enabling Israel’s genocide, military occupation and apartheid against Palestinians”.
Freedom of Information requests submitted by PSC have revealed 81 LGPS funds are being invested in firms that produce weapons and military technology that may be used in Israel’s attacks on Palestinians.
LGPS funds are also being invested in firms that provide services and infrastructure supporting Israel’s military occupation or operate within illegal settlements built on Palestinian land.
Collectively, LGPS funds invest over £450 million in BAE Systems, which manufactures components for Israel’s F-15, F-16, and F-35 fighter jets used to bomb Gaza.
Over £80 million is invested in Caterpillar, which manufactures bulldozers used by Israel to demolish Palestinian homes, schools and hospitals.
In addition, over £90 million is invested in RTX Corporation, formerly Raytheon, which produces 4000-pound GBU-28 bombs used by the Israeli military.
For the first time, PSC’s research identifies investments in Amazon and Alphabet Inc (Google). This totals £4.7 billion, nearly 40% of the value of all investments listed.
Both companies work together to provide cloud computing infrastructure to the Israeli military and government, dubbed Project Nimbus.
In addition, the research shows LGPS funds hold over £28 million in Israel government bonds.
PSC has said campaigns calling for the divestment of LGPS funds from companies enabling Israel’s human rights abuses continue to gather momentum.
Lewis Backon, Campaigns Officer at PSC said: “The scale of LGPS fund investments in companies that are complicit in Israel’s grave abuses of Palestinian rights is shocking. The deferred wages of millions of local government workers are going into companies enabling Israel’s war crimes, without their consent.
“But workers and residents are making it increasingly clear that they won’t accept their pension funds being used to fund companies complicit in genocide and apartheid.”
Backton gave the examples of Tower Hamlets Council, which has committed to divesting from arms’ companies, while Bristol City Council has voted to call on Avon Pension Fund to divest from companies supplying Israel with arms and equipment.
In closing, he said: “This year will see the LGPS Divest campaign grow as a force for justice for Palestine – divestment from Israel’s crimes is a moral and legal imperative that cannot be ignored.”
Olivia Barber is a reporter at Left Foot Forward
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