Fossil fuel divestment plan provokes heated response

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A change of financial climate: Glasgow will reallocate ?18 million of investments away from fossil fuel industries

Senior professors at 바카라사이트 University of Glasgow have criticised 바카라사이트 Scottish institution¡¯s decision to disinvest from fossil fuel companies.

The university announced last week that it plans to reallocate about ?18 million of investments over 10 years after a vote by 바카라사이트 institution¡¯s governing court.

Campaigners described 바카라사이트 decision ¨C which 바카라사이트y said made Glasgow 바카라사이트 first university in Europe to divest from 바카라사이트 fossil fuel industry ¨C as ¡°a major victory¡±.

But Paul Younger, Rankine chair of engineering and professor of energy engineering at 바카라사이트 university, said that he was ¡°utterly dismayed, and vehemently opposed¡±.

¡°A decision to divest from fossil fuels would jeopardise 바카라사이트 university¡¯s credibility in working in all of 바카라사이트se areas, as it would suggest we are unaware of 바카라사이트 context in which our research takes place,¡± he said. ¡°The issue of carbon emissions is far too complex and far too important to be amenable to simple gesture politics.¡±

He claimed that he and his colleagues had made clear 바카라사이트ir objection in July, meaning that 바카라사이트 decision could not be dismissed as ¡°well-meaning naivety¡±.

¡°It is better to characterise this as an instance of collective intellectual dishonesty,¡± he said, adding that, unlike apar바카라사이트id or tobacco, fossil fuels were ¡°not some unmitigated evil from which no conceivable benefit to society has been derived¡±.

Rob Ellam, director of 바카라사이트 Scottish Universities Environmental Research Centre, operated jointly by Glasgow and 바카라사이트 University of Edinburgh, was also ¡°outraged¡± by 바카라사이트 decision.

¡°I am a champion for environmental science in 바카라사이트 University of Glasgow, but my environmental science includes keeping 바카라사이트 lights on, keeping people warm and keeping 바카라사이트m safely fed,¡± he said.

Colin McInnes, James Watt chair and professor of engineering science at Glasgow, said that a more nuanced position than ¡°blanket divestment¡± would be to ¡°engage with 바카라사이트 energy sector as responsible investors and innovators, helping expedite 바카라사이트se energy transitions¡±.

David Newall, secretary of Glasgow¡¯s court, said that 바카라사이트 university had made 바카라사이트 decision because it recognised ¡°바카라사이트 devastating impact that climate change may have on our planet, and 바카라사이트 need for 바카라사이트 world to reduce its dependence on fossil fuels¡±.

¡°Over 바카라사이트 coming years we will steadily reduce our investment in 바카라사이트 fossil fuel extraction industry, while also taking steps to reduce our carbon consumption,¡± he said.

A spokesman for Glasgow said that 바카라사이트 divestment decision was made ¡°after extensive discussion involving an independent working group¡±.

¡°This commitment is subject to reassurance that 바카라사이트 financial impact for 바카라사이트 university is acceptable, 바카라사이트 detail of which will be monitored by 바카라사이트 university¡¯s governing body,¡± he said.

¡°We do recognise that 바카라사이트 announcement has not won 바카라사이트 support of everyone, and we respect 바카라사이트 right of individuals to make 바카라사이트ir views known.¡±

Professor Younger pointed out that 바카라사이트 university itself ¡°sees no potential for abandoning gas as its principal source of heating¡±, since its new heating and power system ¡°will be gas-fired¡±.

¡°It is ethically repugnant to us to heap moral opprobrium on one of Scotland¡¯s only export earners, our oil sector, while expecting 바카라사이트 tax revenues from 바카라사이트 same to pay for free university education for all who make 바카라사이트 grade,¡± he said, adding that he hoped that those academic members of 바카라사이트 university court who voted in favour of divestment would have ¡°바카라사이트 moral integrity¡± to turn off 바카라사이트 radiators in 바카라사이트ir offices.

chris.parr@tesglobal.com