Edinburgh University to dump fossil fuel investments

The University of Edinburgh is to complete its transition out of fossil fuel investments within three years, it has announced.

The university plans to complete its transition out of fossil fuel investments within three years. Picture: TSPL

The decision, approved by ruling body the University Court on Monday, follows the commitment made in 2016 to become carbon neutral by 2040.

Investment in fossil fuels currently represents less than 1 per cent of the total University of Edinburgh funds under management, which is around £1 billion, the institution said.

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.

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

Commenting on Monday’s decision, 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.”

The university said that, since 2010, it had invested more than £150 million in low carbon technology, climate-related research and businesses which directly benefit the environment.

Ollie Glick, Edinburgh University Students’ Association’s vice-president for community, 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.”