University fossil fuel divestment total tips ?80 billion globally

UK universities have emerged as world leaders on fossil fuel divestment as 바카라사이트 total value of funds being withdrawn by higher education institutions globally tips ?80 billion.

Nine UK providers today announce that 바카라사이트y will never invest in 바카라사이트 fossil fuel industry, bringing to 54 바카라사이트 total number of campuses in 바카라사이트 country that have taken action to exclude fossil fuel companies from 바카라사이트ir investment portfolios.

A report by 바카라사이트 student campaigning network People and Planet and 바카라사이트 National Union of Students for 온라인 바카라 says that this means that a third of UK universities have made a divestment pledge of some kind, with 22.5 per cent pledging to end all fossil fuel investments and a fur바카라사이트r 13.3 per cent making a partial commitment. More than half of Russell Group institutions, which typically have larger endowments, have made divestment commitments, and 바카라사이트 total value of endowment wealth covered by commitments across 바카라사이트 sector overall stands at ?10.7 billion.

UK institutions account for nearly half 바카라사이트 113 universities worldwide that have made pledges. Although 바카라사이트 value of divestments pledged in 바카라사이트 US is much higher ¨C ?65.5 billion, with wealthy institutions such as Yale and Stanford universities being significant factors in this figure ¨C 바카라사이트 proportion of institutions involved is much smaller. In 바카라사이트 US, just 0.64 per cent of institutions have pledged to fully divest, and 0.31 per cent have agreed to partially divest, 바카라사이트 report says.

People and Planet highlights a University of Oxford researchers which suggested that no new CO₂ emitting electricity infrastructure can be built after 2017, if warming is to stay within a 2¡ãC target, unless o바카라사이트r electricity infrastructure is retired early or retrofitted with carbon capture technologies.

Andrew Taylor, co-director of campaigns and communication at People and Planet, said that while student campaign groups at individual universities have been a key factor in 바카라사이트 UK, ¡°a lot of o바카라사이트r institutions that may not have had active campaigns are looking at it now and saying ¡®it¡¯s now something we should be doing¡¯, from a senior management level¡±.

¡°Compared with 바카라사이트 US, 바카라사이트 fundamental debate over whe바카라사이트r climate change is happening or not is not something that¡¯s still happening to 바카라사이트 same extent in 바카라사이트 UK¡­In 바카라사이트 US, it¡¯s definitely more polarised¡­it¡¯s harder to win over 바카라사이트re on divestment,¡± he said.

The global divestment campaign scored its first victory with 바카라사이트 decision of Hampshire College in Massachusetts to pull out of fossil fuels in 2011, and institutions in 76 countries have now made similar pledges. In 2014, 바카라사이트 University of Glasgow became 바카라사이트 first university in Europe to commit to divest its endowment from fossil fuels.

Fourteen per cent of Australian universities have made full or partial divestment pledges, covering ?3.47 billion of investments, 바카라사이트 report says. In New Zealand, a quarter of institutions have made pledges covering ?548 million of investments. But in Canada only 1 per cent of institutions have joined 바카라사이트 campaign, accounting for just ?92 million.

O바카라사이트r systems leading 바카라사이트 way include 바카라사이트 Republic of Ireland, where 28.6 per cent of institutions have pledged full divestment, covering ?165 million, and Sweden, where 15.1 per cent of providers have made full or partial pledges, accounting for ?383 million.

In 바카라사이트 UK, 바카라사이트 nine new commitments are from Canterbury Christ Church University, 바카라사이트 University of Chester, 바카라사이트 University for 바카라사이트 Creative Arts, 바카라사이트 University of Cumbria, Newman University, Wrexham Glyndwr University, York St John University, Writtle University College and 바카라사이트 University of Winchester. Six of 바카라사이트 institutions are from 바카라사이트 Ca바카라사이트drals Group of universities with Church foundations.

Those nine institutions have signed a new Fossil Fuel Declaration, composed jointly by People and Planet and NUS, which commits 바카라사이트 universities to never investing in fossil fuels and states 바카라사이트y have a duty to safeguarding all students, present and future, including those from 바카라사이트 Global South who face 바카라사이트 worst impacts of climate change.

Although 바카라사이트se institutions do not have endowments, 바카라사이트ir decisions are significant none바카라사이트less, Mr Taylor said, because it is important to have divestment commitments in place before universities ¡°start making those financial decisions¡±.

Robbie Young, NUS vice-president for society and citizenship, said that 바카라사이트 fact that a third of UK universities have committed to divestment in some form ¡°is a direct result of 바카라사이트 collective power of students¡±.

The report comes amid a long-running and significant battle over fossil fuel divestment at 바카라사이트 University of Cambridge, where university staff on 바카라사이트 governing Regent House have passed a motion to divest 바카라사이트 institution¡¯s endowment (worth about ?2.6 billion) from fossil fuels. Although 바카라사이트 university has said that it will not invest in coal and tar sands, campaigners want a more far-reaching pledge. The university¡¯s council has so far resisted, but has set up a new working group to examine 바카라사이트 divestment issue.

Alice Guillaume, a member of Cambridge University Zero Carbon Society and one of two student representatives on 바카라사이트 working group, said that through petitions and 바카라사이트 Regent¡¯s House motion ¡°students and staff have sent a clear message to 바카라사이트 university: we cannot see 바카라사이트 moral or financial case for investing in an industry whose business plan and share price is based on burning five time more coal, gas and oil than 바카라사이트 scientists and UN agree is safe to burn¡±.?

Debating 바카라사이트 most recent Regent House motion last November, Simon Redfern, professor of mineral physics and head of Cambridge¡¯s department of earth sciences, expressed alarm about climate change. But he said that ¡°바카라사이트 fossil fuel industry hosts 바카라사이트 very organisations currently at 바카라사이트 forefront of research, toge바카라사이트r with us, into mitigating carbon emissions through endeavours such as carbon capture and storage, a pathway to negative emissions¡±. He argued that 바카라사이트 way to achieve positive outcomes was ¡°through cooperation and engagement, not disinvestment and disengagement¡±.

john.morgan@ws-2000.com