Glasgow becomes first UK university to divest from fossil fuel industry
The University of Glasgow today became the first university in the UK to commit to fully disinvesting from fossil fuel industry companies. This 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.
David Newall, Secretary of the University of Glasgow Court, said: “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."
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First published: 8 October 2014