Divestment From Fossil Fuels
In October 2014,
the University of Glasgow became the first university in the UK to commit to fully disinvesting from fossil fuel industry companies. The commitment was subject to reassurance that the financial impact for the University is acceptable, the detail of which was monitored by the University’s governing body, the University Court.
Full divestment meant the reallocation of around £18 million of current investments over a 10 year period. The decision was made after a period of consultation by an independent working group taking evidence from the Glasgow University Climate Action Society and the University Investment Committee.
The commitment of full divestment was set to be reached by 2024, subject to review of the financial impacts, and a commitment to reduce fossil fuel investments to less than 6.4% of total endowment investments by 2019.
In January 2024,
the University of Glasgow has completed the process of fully divesting from fossil fuel companies, realising the commitment made in 2014.
The University was the first in the UK to make the commitment to fully divest from fossil fuels, reallocating roughly £18 million of investments following a consultation with the University community.
Fossil fuel divestment supports the University’s strategic ambitions to reduce its carbon footprint and support socially responsible investment. It is a move that ensures that none of the funds managed on behalf of the University are invested with companies which work in the fossil fuel industry.
The University has a notable track record of being a sector leader in sustainability, currently ranked 12th globally by the Times Higher Education Impact Rankings and 20th globally by the QS Sustainability rankings, the two major sustainability league tables.
Our current Carbon Management Plan sets out a vision for achieving net zero for greenhouse gas emissions by 2030.
Professor Sir Anton Muscatelli, the University’s Principal and Vice Chancellor, said: “Fully divesting from the fossil fuel industry is a landmark moment for the University, and one that we have been working towards for 10 years.
“Divestment is an important part of our work to put sustainable practices and operations at the heart of the organisation, making sure we lead the way when it comes to embedding sustainability across the board, from investing in cleaner sources of power, improving the fabric of our buildings, and supporting staff and students to adopt sustainable practices.
“I would like to thank the University’s Finance team and the Investment Advisory Committee for helping us reach this important milestone.”
