Glasgow to sell fossil fuel investment
The University of Glasgow has become the first university in Europe to sell off the shares it holds in companies producing fossil fuels
After a year of student campaigning the University is withdrawing £18m of investments over the next decade.
The decision comes after a campaign led by Glasgow Climate Action Society involving over 1,300 Glasgow students which started with Freedom of Information requests, and quickly led to banner drops, fake oil spills, flash mobs, and rallies.
Sophie Baumert, Glasgow University Climate Action Society, said: “This is a huge step for the Fossil Free campaign in the UK and we hope that our university will serve as a role model for other universities.”
Glasgow joins 13 US universities including Stanford, who have already committed to divest from the fossil fuel industry.
David Newall, Secretary of the University of Glasgow Court, said: “The University recognises the devastating impact that climate change may have on our planet, and the need for the world to reduce its dependence on Fossil Fuels. Over the coming years we will steadily reduce our investment in the fossil fuel extraction industry, while also taking steps to reduce our carbon consumption.”