In 2018 Monmouthshire County Council voted to request that the greater Gwent fund, which handles the pensions for Monmouthshire, Torfaen, Blaenau Gwent, Caerphilly and Newport councils, make an ordered withdrawal from fossil fuel-based companies. The fund at the time was estimated to hold £245 million of investment in fossil fuel-based companies. So, I think that's a really positive example that we see there, and they're certainly showing some strong leadership within the sector.

Of course, the local government pensions scheme is an England-and-Wales scheme, so it's not devolved and so we wouldn't have any direct influence on it. But we're carefully looking at what's been achieved through the greater Gwent fund.