Universities of Newcastle and Southampton announce plans to address fossil fuel divestment calls
Melbourne university this week becomes first in Australia to announce it will divest within the next five years
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.It’s been a big week for fossil fuel divestment as two major UK universities announce they will commit to changing their investment policies, while Australia’s La Trobe University has become the country’s first to confirm it will divest within five years.
After the issue was raised by student activists, Newcastle University has pledged to embed Environmental, Social, and Governance (ESG) considerations into its investment strategy.
The University of Southampton, meanwhile, made an internal community announcement over the appointment of Kames Capital as the new fund manager for the institution’s endowment investments in its aim to focus on funding an investment portfolio that would complement the university’s ethical considerations.
Mark I’Anson, chair of Newcastle University’s Council, said the institution is committed to furthering environmental sustainability, adding the university already has a “strong track record” in doing so.
He said: “As an organisation, we continue to score highly in the influential ‘People and Planet’ Green League table. So it’s right our investment decisions are consistent with these values.
“We took the concerns raised by our student body very seriously and I am grateful to the Carbon Advisory Group for its considered approach to this complex issue. It is hoped the decision will allow the university to address ESG considerations across its investment portfolio, and reduce the university’s exposure to investments linked to explicit environmental damage.”
Newcastle University Students’ Union (NUSU) president and member of the Carbon Advisory group, Dominic Fearon, described climate change is “one of the key issues facing us globally” with 2015 the hottest year in recorded history.
He said: “As students, we can be incredibly proud our university is making the most progressive divestment commitment of any UK university and contributing to a more sustainable future.
“Hopefully this will inspire other universities and organisations to divest from companies profiting from unethical practices.”
According to a Southampton-based climate change blog, the university’s divestment decision includes “major players” in coal, tar sands, and most oil and gas operations, as well as “committing its full endowment to a new ‘dark green’ investment fund...a major victory for the fossil fuel divestment campaign in the UK.”
The University of Southampton has yet to respond to the Independent’s request for comment for more details on its plans.
Meanwhile, in Melbourne, Australia, La Trobe University announced on Wednesday it will phase out its investments in listed companies with a strong involvement in fossil fuels.
Vice-chancellor, Professor John Dewar, said the institution was committed to getting “the best possible return” on its investments while also being true to its commitment to sustainability.
He said: “At La Trobe, we believe economic profitability and environmental sustainability are not mutually exclusive.
“We are committed to divesting from the top 200 publicly-traded fossil fuel companies ranked by the carbon content of their fossil fuel reserves within five years. In addition, we will disclose the carbon exposure of our investments and provide annual reports of our divestment progress over the next five years.”
The University of Cambridge recently faced growing pressure - from both student activists and the former Archbishop of Canterbury, Dr Rowan Williams - to withdraw its investments from fossil fuel companies.
More than 100 staff, students, alumni, and others affiliated with the institution signed an open letter saying the university has always made “a remarkable impact on the world.” However, when it comes to the climate, the signatories said Cambridge is making “exactly the wrong kind of impact.”
A Cambridge spokesperson told the Independent the institution seeks to invest responsibly “for the good of the university” in accordance with its mission to contribute to society, and that its Endowment Fund has been set up to support this.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments