University of Nottingham to withdraw from £3m fossil fuel investments

The University of Nottingham has announced that it is looking to offload any investments in fossil fuels.

Currently around 6% of the University’s £50m endowment fund is invested in the oil and gas sector.

Any investments in coal and tars sands will be removed immediately and the University says it will completely divest its financial portfolio from fossil fuels within the next 12 months.

Vice-chancellor Professor Shearer West said: “Fossil fuel divestment is an important part of our global outlook, ethical values and commitment to environmental sustainability.

“Our research has a well-deserved reputation for supporting a more sustainable planet in greener sources of energy, food supply and construction, and it is only right that our investments and campus activity reflect this.”

Last week it was announced that the University of Nottingham Ningbo China is electrifying the future of Ningbo’s economy after unlocking a £20m investment in new centre for that will develop the future of sustainable transport.

The University is also a partner in the Midlands Energy Research Accelerator, which aims to deliver a step change in energy innovation and tackle some of the biggest energy challenges facing both the UK and globally.

Chief financial officer for the University of Nottingham Margaret Monckton said: “The University has always maintained that it is not willing to invest in organisations which demonstrate explicit environmental damage which includes severe damage to ecosystems, natural habitats or species.

“We have reviewed the Investment Policy and we have concluded that we will divest from coal and tars sands immediately and will complete our transition out of fossil fuel divestments within the next 12 months.”