The list of “fossil free” universities is growing, adding an important name: the University of Edinburgh, which manages more than one billion euros.
The University of Edinburgh is bidding farewell to all of its investments in coal, oil and natural gas. The decision, announced on Monday 6 February and reported by the Guardian, is the outcome of a journey towards sustainability that has been under way for several years now, in which students too have played a fundamental role.
Founded in 1582 and counted among the most prestigious universities in the whole of the United Kingdom, the University of Edinburgh ranks 36th in the 2017 edition of the University League compiled by People & Planet, earning top marks in the "Education for Sustainable Development" category.
In 2013, the university was the first in Europe to sign up to the UN PRI, the United Nations Principles for Responsible Investment. Two years later, it formalised its commitment to the energy transition, withdrawing approximately £2.5 million from coal giants and tar sands within a matter of months. In 2016 came the commitment to become carbon neutral by 2040. And, in February 2018, the decisive step forward: a halt to all investments in fossil fuels, without exception.
In parallel, since 2010 approximately £150 million has been invested in low-carbon technologies, climate research and companies that deliver direct environmental benefits.
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The news is particularly significant because the University of Edinburgh's fund manages a volume of assets of around one billion pounds (€1.13 billion). As of today, according to the official website, investments in fossil fuels account for approximately 1 per cent of the total figure and will be divested over the next three years.
We are therefore talking about the largest fossil-free university endowment fund in the entire United Kingdom. Only Cambridge and Oxford surpass it in size, though so far they have only committed to divesting from coal and tar sands (but not, for example, from oil).
Around sixty British universities have now withdrawn their capital from fossil fuels, out of a total of 154. The pressure from students has been crucial; they prove to be particularly well-informed and engaged on the sustainability front. Tara Wight, an activist with the local People and Planet branch and a doctoral researcher at the university, expressed great satisfaction: "We are thrilled that the University of Edinburgh has finally recognised the importance of divestment and has decided to ensure that its investment portfolio is consistent with the environmentally conscious image it communicates to the public."
The University of Edinburgh was preceded only shortly before by the University of Sussex. Over the past four years, students organised events and protests, collected more than 2,000 signatures for their petition, and held repeated meetings with the institution's leadership. In response to this pressure, the university adopted a responsible investment policy in 2016, revised the management of its fund in 2017, and on 5 February 2018 was, for the first time, able to call itself entirely fossil free.
