My, who would have guessed that striking parallels between the BBC’s coverage of the global warming debate and the activities of its pension fund are revealed today.
The corporation is under investigation after being inundated with complaints that its editorial coverage of climate change is biased in favour of those who say it is a man-made phenomenon. The £8billion pension fund is likely to come under close scrutiny over its commitment to promote a low-carbon economy while struggling to reverse an estimated £2billion deficit.
Concerns are growing that BBC journalists and their bosses regard disputed scientific theory that climate change is caused by mankind as “mainstream” while huge sums of employees’ money is invested in companies whose success depends on the theory being widely accepted. The fund, which has 58,744 members, accounts for about £8 of the £142.50 licence fee and the proportion looks likely to rise while programme budgets may have to be cut to help reduce the deficit. The BBC is the only media organisation in Britain whose pension fund is a member of the Institutional Investors Group on Climate Change, which has more than 50 members across Europe. Its chairman is Peter Dunscombe, also the BBC’s Head of Pensions Investment.