Divestment From Fossil Fuels
In October 2014, the University of Glasgow became the first university in the UK to commit to fully disinvesting from fossil fuel industry companies. The commitment is subject to reassurance that the financial impact for the University is acceptable, the detail of which will be monitored by the University’s governing body, the University Court.
Full divestment will mean the reallocation of around £18 million of current investments over a 10 year period. 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.
At present the commitment of full divestment is set to be reached by 2024, subject to review of the financial impacts, and a commitment to reduce fossil fuel investments to less than 6.4% of total endowment investments by 2019.