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| University of Edinburgh to divest from three major fossil fuel providers | University of Edinburgh to divest from three major fossil fuel providers |
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| The University of Edinburgh has announced that it intends to fully divest from three of the world’s biggest fossil fuel producers within six months. The decision follows a 10-day occupation of its finance department by student protesters over the institution’s initial commitment to put engagement before divestment. | The University of Edinburgh has announced that it intends to fully divest from three of the world’s biggest fossil fuel producers within six months. The decision follows a 10-day occupation of its finance department by student protesters over the institution’s initial commitment to put engagement before divestment. |
| The university’s investment committee met on Tuesday afternoon for the first time since the change in investment policy for Edinburgh’s £298m endowment fund was announced earlier this month, and was greeted with disappointment by climate change campaigners. | The university’s investment committee met on Tuesday afternoon for the first time since the change in investment policy for Edinburgh’s £298m endowment fund was announced earlier this month, and was greeted with disappointment by climate change campaigners. |
| Outlining what was essentially a company-by-company approach, vice-principal Prof Charlie Jeffery explained on 12 May that the university would divest from companies involved in the extraction of coal and tar sands, only where feasible alternative sources of energy exist, and where companies do not invest in low-carbon technologies. | Outlining what was essentially a company-by-company approach, vice-principal Prof Charlie Jeffery explained on 12 May that the university would divest from companies involved in the extraction of coal and tar sands, only where feasible alternative sources of energy exist, and where companies do not invest in low-carbon technologies. |
| Related: Climate activists attack Edinburgh University's stance on fossil fuel divestment | Related: Climate activists attack Edinburgh University's stance on fossil fuel divestment |
| While the university insisted on Tuesday that its latest announcement was consistent with its original policy statement, students, staff, alumni took the decision as the result of two weeks of intensive campaigning pressure. This included the occupation of the finance department – which attracted support from author Naomi Klein and Nobel prize winner Graciela Chichilnisky – and the public pledge by 300 alumni on Tuesday to boycott donations if the university did not commit to divestment. | |
| Kirsty Haigh of Edinburgh People & Planet, and one of the organisers of the sit-in protest, said: “We are glad to see the university finally accept that there are lower-carbon alternatives to coal and tar sands, but it should never have taken this long. The university is pledging to ‘engage’ with these companies for the next four weeks before divesting, but have refused to outline what that means.“These companies pour millions into greenwashing and it is crucial that the university is not bought over by this, and that they follow through and fully divest from them.” | Kirsty Haigh of Edinburgh People & Planet, and one of the organisers of the sit-in protest, said: “We are glad to see the university finally accept that there are lower-carbon alternatives to coal and tar sands, but it should never have taken this long. The university is pledging to ‘engage’ with these companies for the next four weeks before divesting, but have refused to outline what that means.“These companies pour millions into greenwashing and it is crucial that the university is not bought over by this, and that they follow through and fully divest from them.” |
| The university stated that, as part of its promised engagement process prior to divestment, the three companies would be given the opportunity to respond in the next four weeks. It then intends to divest within six months. While the announcement did not specifiy which companies were involved, it is a matter of public record the the universiy has investments with Shell, Total, Rio Tinto and BHP Billiton. | The university stated that, as part of its promised engagement process prior to divestment, the three companies would be given the opportunity to respond in the next four weeks. It then intends to divest within six months. While the announcement did not specifiy which companies were involved, it is a matter of public record the the universiy has investments with Shell, Total, Rio Tinto and BHP Billiton. |
| Welcoming the news, Ric Lander of Friends of the Earth Scotland said: “Today’s announcement suggests Edinburgh University is listening, but students, staff and alumni are unlikely to be reassured until they take the final step to divest from fossil fuel companies.“Coal and tar sands cause enormous environmental destruction wherever they are extracted and are incompatible with a low-carbon future. We urgently need a transformation of our energy system to clean, reliable renewables.” | Welcoming the news, Ric Lander of Friends of the Earth Scotland said: “Today’s announcement suggests Edinburgh University is listening, but students, staff and alumni are unlikely to be reassured until they take the final step to divest from fossil fuel companies.“Coal and tar sands cause enormous environmental destruction wherever they are extracted and are incompatible with a low-carbon future. We urgently need a transformation of our energy system to clean, reliable renewables.” |
| WWF Scotland director, Lang Banks, commended the actions of campaigners. He said: “The students and staff are to be congratulated for their persistence on this important global issue, as I am in no doubt this would not have happened had it not been for their campaign.“The science is clear: to protect our climate the vast majority of known fossil fuel reserves must remain unburned and in the ground.” | WWF Scotland director, Lang Banks, commended the actions of campaigners. He said: “The students and staff are to be congratulated for their persistence on this important global issue, as I am in no doubt this would not have happened had it not been for their campaign.“The science is clear: to protect our climate the vast majority of known fossil fuel reserves must remain unburned and in the ground.” |