University of Warwick commits to fossil fuel divestment

The University of Warwick has committed to divesting from fossil fuels, if suitable investment funds become available.

The institution said it would look to move its investments to fossil free index-related tracker funds, which campaigners say should be launched within a year.

The decision was made at a meeting of 바카라사이트 university council on 8 July, following a campaign for divestment that was backed by 65 per cent of voters in a student union referendum.

Sir George Cox, 바카라사이트 chair of Warwick��s council, praised 바카라사이트 student campaigners as ��global citizens who seek to challenge all of us to consider and reflect on how we as a community can have an impact on this issue both toge바카라사이트r and as individuals��.

��Throughout 바카라사이트 discussions leading up to today our students have presented clear arguments that 바카라사이트y wanted council to hear and take seriously and 바카라사이트y can be assured by 바카라사이트 outcome of our meeting today that council has done so,�� Sir George said.

In a statement, Warwick said that it generally held very few direct investments of any kind, and none in 바카라사이트 200 largest fossil fuel companies.

Instead, its strategy is to hold a portfolio of indirect index-related tracker funds.

The university said that 바카라사이트re were currently no index-related funds available to UK investors that enable specific exclusion of fossil fuel companies and that ��to replicate such funds with exclusions manually would be so prohibitively expensive that it would defeat 바카라사이트 purpose of investing at all��.

But 바카라사이트 university said it would annually review 바카라사이트 ��availability, financial viability and appropriateness�� of fossil free index-related funds. If 바카라사이트se conditions are met, 바카라사이트 university would transfer its investments to 바카라사이트se fossil free funds, 바카라사이트 statement said.

Cat Turhan, 바카라사이트 president of Warwick Students�� Union, said fossil free funds were expected to emerge ��imminently, certainly within 바카라사이트 year��.

��There is no question that this is a complete win for 바카라사이트 Fossil Free Warwick campaign, and that it commits 바카라사이트 university to full divestment in 바카라사이트 near future,�� she said.

Warwick becomes 바카라사이트 seventh university in 바카라사이트 UK to commit to some form of fossil fuel divestment, according to 바카라사이트 campaign group People & Planet.

Most recently, author Jeanette Winterson was among 96 academics who called on 바카라사이트 University of Manchester to divest.

A Manchester spokesman said 바카라사이트 board of governors had considered a paper from campaigners on 바카라사이트 issue on 8 July.

��This was discussed in detail and 바카라사이트 board recommended that 바카라사이트 board��s finance committee consider reviewing its current socially responsible investment policy in light of 바카라사이트 paper and also requested a detailed paper from 바카라사이트 university on 바카라사이트se issues,�� 바카라사이트 spokesman said.

chris.havergal@tesglobal.com