Waltham Forest Pension Fund has become the first in the UK to divest from all fossil fuels.

A recommendation approved at the fund committee meeting stated that it would “exclude fossil fuels from its strategy over the next five years.”

It comes after a petition by campaign group Divest Waltham Forest called on Waltham Forest Council to divest from fossil fuel producing businesses gained nearly 600 signatures.

Rob Platts, who organised the campaign said: “With this decision, Waltham Forest has tonight shown true leadership.

“By divesting from fossil fuels, the fund is not only taking necessary action to protect fund members’ pensions from risky investments, but it is also joining hundreds of public institutions worldwide in taking a stand against an industry which is causing climate chaos and endangering our future.”

The Waltham Forest fund, which is worth £735 million, currently invests £23.9 million in the oil and gas industries.

The decision to divest comes exactly a year after data was published showing that UK local government pension schemes invest over £14 billion in the fossil fuel industry.

Chair of the Pension Fund Committee, Cllr Simon Miller, said: “Waltham Forest Pension Fund is proud to commit to divesting from fossil fuels.

“Not only does this mean that the fund will not be invested in stranded assets, but will be actively investing in cleaner, greener investments to the benefit of our community, borough, and environment.”

Ellen Gibson, UK Divestment Campaigner for 350.org, said: “Waltham Forest has demonstrated the kind of action we need all pension funds to be taking to address the urgent issue of climate change and to protect their workers’ futures.”

Three local government pension schemes, the Environment Agency, South Yorkshire and Haringey, have made partial commitments to divest from fossil fuel producing businesses.