Greenwich Council has been criticised for 'gambling' £17m of taxpayers' money on fossil fuel investments.

Despite taking their 'social and environmental responsibilities seriously', the council has around £17m of taxpayers' money invested in coal, oil and gas.

When asked by a member of the public at the full council meeting on March 25, Greenwich Council leader Denise Hyland revealed the council's Pension Fund has investments valued around £17m in over 100 companies associated with the exploration or extraction of fossil fuels.

Greenwich West Green Party candidate Dr Robin Stott said: "Denise Hyland's answer is not a surprise, given the record of other Labour controlled authorities in London on this issue.

"But it is still pretty depressing to find this multi-million pound level of investment in coal, gas and oil at a time when it's crystal clear climate change will be the most significant health challenge of the 21st century."

Dr Stott also criticised the financial acumen of the council, due to the majority of assets being reserves in the ground which he believes will plummet in value if a global agreement is reached to stop burning fossil fuels.

He added: "The council doesn't seem to realise divestment from fossil fuels is a moral and financial obligation.

"The Royal Borough is not only behaving environmentally irresponsibly, it's also taking a risky gamble with council taxpayers' money - and all at a time when renewable energy is generating significant returns for investors."

A Greenwich Council spokesman said the council's pension fund was being effectively managed and increased by 6% from last year.

He also said: " It is important to note the Pension Fund is not under any legal obligation to consider factors other than investment returns and any environmental, social and governance considerations must not be detrimental to the Fund.

"Any failure to observe these principles could leave the Pension Fund or the Administering Authority open to legal challenges from its members."