Thursday 28 May 2020

Manchester University commits to walk away from fossil fuels

Manchester University commits to walk away from fossil fuels

The University of Manchester has announced it will end investments in fossil fuel companies by 2022 and will decarbonise its entire portfolio by 2038.

The university has also committed to reducing the carbon intensity of the overall investment portfolio by 30% by 2022 and will redirect its funds from carbon-intensive companies to more carbon-efficient companies.

The university will then 'move as quickly as possible to net zero' by 2038.

Vice-President for Social Responsibility, Professor Nalin Thakkar said: “We will stop investing in companies that hold fossil fuel reserves or are involved in extraction by 2022. However, these account for only 3-5% of our total investments.

"Since most carbon dioxide emissions do not arise from the direct activity of fossil fuel companies, but through the use of fossil fuels by others, we will also take the more ambitious step to shift our investments to carbon-efficient companies.

"We believe this is a more radical, comprehensive and justified approach than disinvestment based on fossil fuel extraction alone.”

The changes to the university’s Socially Responsible Investment Policy have been agreed after wide consultation with staff, students and alumni earlier in the year, which attracted nearly 600 responses.

Written by

Bruna Pinhoni

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