University of Oxford to continue fossil fuel divestment
Around 200 institutions worldwide, with combined assets of over $50 billion, have committed to drop their shares in fossil fuel industries
The University of Oxford will continue its strategy of fossil fuel divestment with the worldwide divestment movement gaining momentum, the university's highest decision-making announcement said on Monday.
The university will maintain its position of not supporting coal extraction and tar sands.
The university's funds - the Oxford Endowment Fund and the Oxford Capital Fund - have £2 billion of assets under management, with no current investments in coal or tar sands, the university said in a statement.
Oxford University Vice-Chancellor Professor Andrew Hamilton said: "Our investment managers take a long-term view and take into account global risks, including climate change, when considering what investments to make."
In October 2014, a student union resolution urged the University Council to drop its shares in coal and tar sands firms and move its investments into low-carbon industries.
The council was due to make a decision on fossil fuel divestment in March but postponed it to have more time to consider the issue.
Around 200 institutions worldwide, with combined assets of over $50 billion, have committed to drop their shares in fossil fuel industries, including the Rockefeller Brothers Foundation, Church of England, the British Medical Association, Stanford University and the World Council of Churches.
