University Court votes to relocate investments in energy companies dealing in fossil fuels
Environmentalists have praised Glasgow University for withdrawing its investments in fossil-fuel-trading energy companies.
The university – Scotland’s second oldest and formed in 1451 – is the first in the UK to make the move and means it will relocate £18 million of its £130m endowment fund into other investment areas.
The decision was made after a period of consultation by an independent working group taking evidence from the Glasgow University Climate Action Society and the University Investment Committee.
The university recognises the devastating impact that climate change may have on our planet - David Newall
Mary Church, Friends of the Earth Scotland’s head of camapigns, praised the move.
She said: “Not only is this great news for the planet, but it also makes good financial sense.
“There are five times as many fossil fuels on the balance sheets of big energy companies as climate science tells us it is safe to burn, so at some point this carbon bubble is going to have to burst.
“We hope the forward thinking action of Glasgow University will set an example to public and education institutions across the UK to follow suit."
David Newall, secretary of Glasgow University’s Court, added: “The University recognises the devastating impact that climate change may have on our planet, and the need for the world to reduce its dependence on fossil fuels.
“Over the coming years we will steadily reduce our investment in the fossil fuel extraction industry, while also taking steps to reduce our carbon consumption.”