Britain leads world in campus action to pull funds from oil, gas and coal companies, due to climate change concerns.
The number of British universities divesting from fossil fuels has leaped to 43, a quarter of the total. The surge means the UK leads the world in campus action to pull university funds from oil, gas and coal.
Financial institutions and charities are also divesting and at least $2.6tn (£2.1tn) of assets are covered by such pledges around the world. Scientists have shown that most fossil fuel reserves cannot be burned without dangerous climate change. Campaigners argue this makes fossil fuel companies bad investments on both moral and financial grounds.
The total number of UK universities that are divesting was published on Tuesday by the student group, People & Planet. It found 16 new institutions have committed to divestment, taking the total funds affected to more than £10bn.
Most committed to sell off all fossil fuel investments, including the University of Kent, University of Lincoln, Cardiff Metropolitan University and Manchester Metropolitan University. Others committed to divest the most polluting investments – in coal and tar sands – including the University of Sussex, Aston University and Goldsmiths University of London.
Many leading universities had already pledged to divest, following student campaigns, including Oxford, Edinburgh and the London School of Economics. Kings College London initially rejected divestment calls, despite the intervention of Archbishop Desmond Tutu, a former student, who said in 2014: “People of conscience need to break their ties with corporations financing the injustice of climate change.” In September, KCL agreed to drop its most polluting investments.
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