University of Edinburgh to stop fossil fuel investments

THE University of Edinburgh says it plans to ditch its controversial investments fossil fuels after years of defying protestors demanding they do so.
University of Edinburgh, Picture: Ian GeorgesonUniversity of Edinburgh, Picture: Ian Georgeson
University of Edinburgh, Picture: Ian Georgeson

Leaders announced the dramatic move following a meeting of the university’s Court who approved the decision on Monday. It comes after years of pressure from staff, student bodies and environmental groups and protests on campus.

The university says investment in fossil fuels currently represents less than a per cent of the total University of Edinburgh funds under management, which is around £1 billion.

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Alongside these changes to its investment policy, the University will continue to engage with fossil fuel companies in its research and teaching.

Professor Charlie Jeffery, the University’s Senior Vice-Principal said: “I’m very proud of the University’s decision. Climate change is one of the world’s biggest challenges.

“Over the past few years, we have thought hard about how to respond to that challenge. This change in our investment strategy is a vital step on that journey.”

Oliver Glick, Edinburgh University Students’ Association’s community vice president, said: “We are delighted with today’s announcement. Students and the Students’ Association have been passionate about removing fossil fuel investment from the University’s portfolio for many years. Through constructive engagement with the University, who have been open to our viewpoints, the work of student groups such as People and Planet, myself and my predecessors, along with many others has paid off.”

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In a release issued by the university, they stated that it was was at the forefront of research internationally on climate change and the technologies and policies to mitigate the effects of climate change.

It says it has invested more than £150 million in low carbon technology, climate-related research and businesses that directly benefit the environment since 2010.

It also plans to become carbon neutral by 2040.

The University of Edinburgh has the largest endowment fund of any university in Scotland. It will now become the largest university endowment in the UK to be free of fossil fuel investment.

In May 2015, the university signalled its intention to use its investments and procurement power to support the transition to a low carbon economy and to divest from the most polluting fossil fuel companies.

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Within weeks, £2.5m of investment was removed from firms involved in coal and tar sands.

In 2013, Edinburgh became the first university in Europe to become a signatory to the Principles for Responsible Investment, a UN-backed initiative which aims to make the global financial system more sustainable.

The university has committed to transitioning out of fossil fuels within three years.