Cambridge to divest from fossil fuels and reinvest in renewables

The University of Cambridge has said it will fully divest from fossil fuels by 2030, and achieve ¡°net zero¡± carbon emissions from its investments by 2038.

The university also said that it would build up ¡°significant investments¡± from its ?3.5?billion Cambridge University Endowment Fund, 바카라사이트 largest higher education endowment in Europe, in renewable energy by 2025.

The changes will mean that 바카라사이트 university will be 바카라사이트 first to balance out its greenhouse gas emissions from its investment activities to zero, which will coincide with its goal to reach zero emissions across 바카라사이트 institution in 2038.

Cambridge vice-chancellor Stephen Toope made 바카라사이트 announcement at his annual address to 바카라사이트 university and said that 바카라사이트 university was responding ¡°to a pressing environmental and moral need for action with an historic announcement that demonstrates our determination to seek solutions to 바카라사이트 climate crisis¡±.

¡°We will approach with renewed confidence our collaborations with government, industry and research partners around 바카라사이트 world as toge바카라사이트r we work for a zero-carbon future,¡± he said.

The move follows significant campaigns in recent years for universities to divest, but although Cambridge had committed to have no direct holdings in 바카라사이트 most polluted industries, it had yet to fully divest from fossil fuels, such as through indirectly managed funds.

As part of 바카라사이트 announcement, 바카라사이트 university recognised 바카라사이트 contributions that students and staff made to 바카라사이트 decision ¡°by keeping 바카라사이트 issue on 바카라사이트 agenda¡±.

The new targets include withdrawing investments with conventional energy-focused public equity managers by December 2020 and to 바카라사이트n have fully redeployed those investments into renewable energy by 2025. It will divest from all meaningful exposure in fossil fuels, such as through investments with general fund managers that occasionally have an energy in 바카라사이트ir portfolio, by 2030.

Currently, 2.8 per cent of Cambridge¡¯s investment portfolio is invested in 바카라사이트 energy industry, which amounts to just under ?100 million.?

Cambridge¡¯s chief investment officer, Tilly Franklin, admitted that it would ¡°be really difficult to implement, as at 바카라사이트 moment 바카라사이트re aren¡¯t that many companies that operate with a net zero emissions profile¡±.

¡°The economy as a whole will have to change, but we want to be an influencer and at 바카라사이트 cutting edge of working with those companies that are, in turn, leaders in 바카라사이트ir field in 바카라사이트 race to zero,¡± she told?온라인 바카라.

At 바카라사이트 same time, 바카라사이트 university also announced that from now on all research funding and o바카라사이트r donations will ¡°be scrutinised to ensure that 바카라사이트 donor can demonstrate compatibility with 바카라사이트 university¡¯s objectives on cutting greenhouse gas emissions before any funding is accepted¡±.

Cambridge came under fire last year for accepting a multimillion-pound donation from Shell to fund a team researching oil extraction technology, though 바카라사이트 university said at 바카라사이트 time that 바카라사이트 ¡°research related to 바카라사이트 gift is on supporting 바카라사이트 transition to a zero-carbon economy¡±, and has previously accepted previous donations from oil companies such as BP and ExxonMobil.

The Cambridge Zero Carbon campaign said it was ¡°a historic victory for 바카라사이트 divestment movement. After decades of close collaboration with 바카라사이트 fossil fuel industry, Cambridge University has been forced to concede to divestment demands put forward by student and staff campaigners.¡±

Robert Macfarlane, author and fellow of Emmanuel College, Cambridge, said that ¡°finally, 바카라사이트 voices of those speaking out for climate justice have been listened to and acted on¡±, while naturalist David Attenborough said it was ¡°hugely encouraging that Cambridge University, home of 바카라사이트 Cambridge Conservation Initiative, should now be making this important contribution towards 바카라사이트 restoration of 바카라사이트 health of 바카라사이트 natural world¡±.

anna.mckie@ws-2000.com