University confirms move to step away from investing in fossil fuels

The University of Central Lancashire (UCLan) has announced a divestment in any investments it holds in fossil fuels.

UCLan has made the decision to divest its funds in the fossil fuel industry in line with its commitment to sustainable and ethical investments.

The university’s third party fund manager will no longer be investing endowments in companies involved in the extraction and/or distribution of fossil fuel reserves or the provision of fossil fuel-related energy equipment and services.

This includes all companies in the oil, gas and consumable fuels industry, energy equipment and services industry, and diversified metals and mining industry.

George Charles, UCLan’s chief finance officer, said: “Sustaining and enhancing the wellbeing of people, places and the planet are amongst the most important challenges we face today.

“We have made these key aspects of our current strategic plan as we know our students, staff and stakeholders are concerned about the social, environmental and sustainability impact we have on society.”

He added: “We have not invested in fossil fuels for the last few years but officially announcing our divestment from fossil fuel companies is an important step.”

UCLan’s commitment to sustainability also includes working on a decarbonisation plan to calculate how it can bring its net zero targets forward, delivery of MaCaW (Making Carbon Work) and Eco-I North West projects to provide in-depth support to local companies to reduce their carbon emissions, responsible procurement of goods and services, and initiatives to support sustainable travel.