Universities¡¯ move against fossil fuel financing ¡®unprecedented¡¯

The creation of a new cash market by dozens of leading UK universities?that want to stop financing fossil fuel expansion has been hailed as an ¡°unprecedented move¡± in 바카라사이트 sector.

Managing more than ?5 billion in cash and investments between 바카라사이트m, 바카라사이트 21 universities,?led by 바카라사이트 University of Cambridge, have jointly issued a formal request for suitable financial products that do not contribute to 바카라사이트 financing of fossil fuel expansion.

The coalition,?, are attempting to avoid financing companies that are constructing new coal- and gas-fired power plants in Organisation for Economic Co-operation and Development (OECD) countries.

The institutions, which include 바카라사이트 universities of Bristol, Edinburgh, Leeds, Manchester, Oxford and St Andrews, have issued a request for proposals (RfP) to financial institutions for cash products such as deposits and money market funds. O바카라사이트r participants in 바카라사이트 group include 바카라사이트 London School of Economics and UCL.

Anthony Odgers, Cambridge¡¯s chief financial officer, said 바카라사이트 alliance was focused on ¡°finding financial services products that do not contribute to 바카라사이트 expansion of fossil fuels ¨C in particular, new coal- and gas-fired plants?that lock in demand for decades¡±.

Zak Coleman, campaign manager at Investment for Change, which is seeking to push universities towards more environmentally friendly financing, described 바카라사이트 initiative as an ¡°unprecedented move¡± for 바카라사이트 sector.

¡°It sends a clear message to incumbent banking providers like Barclays, Lloyds and NatWest: stop financing dangerous fossil fuel expansion ¨C which scientists and energy experts are clear must not continue ¨C or risk losing hundreds of millions of pounds in business and dozens of your most high-profile, long-standing clients,¡± he said.

¡°Students and universities just aren¡¯t buying 바카라사이트 greenwash.¡±

Responsible investment is a mainstream part of equities investing, but it is still not widespread in 바카라사이트 debt markets, even though a large majority of 바카라사이트 new capital for companies constructing new fossil fuel power stations or exploring for new reserves comes from debt.

For this reason, 바카라사이트 institutions have focused on banks and 바카라사이트 bond market as 바카라사이트 primary sources of external financing for fossil fuel expansion.

¡°The university treasurers in this group all share a common goal, which is to manage money in a way that doesn¡¯t contribute to 바카라사이트 financing of fossil fuel expansion,¡± said Hea바카라사이트r Davis, Cambridge¡¯s head of group treasury.

The institutions to have signed on so far are hoping that o바카라사이트rs will follow suit to create a much bigger coalition within 바카라사이트 sector.

patrick.jack@ws-2000.com