City, University of London divests from fossil fuel producers

City, University of London has announced its divestment from fossil fuel producers.

City has made the decision to divest its remaining direct holdings in fossil fuel producers in line with its commitment to sustainable and ethical investments and working closely and in partnership with City’s Students’ Union.

The University’s third-party fund manager will divest from, and no longer directly invest in, fossil fuel producers but will rather focus on developing green energy technologies. City will continue to work together with the Students’ Union on exploring future investment options that will help refine its approach to sustainable investment.

City’s President, Professor Sir Anthony Finkelstein, said:

I am pleased that the University, our Students’ Union and our Council were able to reach this decision together. It is an important step in our work to ensure that the University, and our students, are involved in ensuring a more sustainable future for us all.

“Our decision to divest from fossil fuel producers is just one of the actions that we are taking to step-up our engagement with the challenges of sustainability. We recognise that this will involve complex trade-offs and we will use the best evidence and science to support our decision making. Our new strategy reaffirms our commitment to delivering our net-zero target by 2040. The resources required to make this a reality are considerable and will entail us making some hard choices, we are facing up to this.

“Although we have much to do, I feel confident that we are taking positive action to address one of the most significant issues of our time.

President of City’s Students’ Union, Gesmina Tsourrai, said:

The fossil fuel industry has spent decades ignoring the warnings of climate scientists, lobbying against climate legislation, spreading misinformation and refusing to transition towards renewables. Today, the likes of Shell and BP plan to spend tens of millions per day on long-term fossil fuel expansion projects which we know will devastate communities and make it impossible to meet critical international climate targets. As a university committed to upholding scientific integrity and social justice, I am proud that City has taken the important decision to divest from this destructive industry. Now our governments must intervene to halt their disastrous business practices.

City is actively working to reduce its environmental impact and play a part in responding to the global climate challenge. City has committed to reaching net zero carbon dioxide emissions by 2040. All of our electricity comes from renewable energy sources and since 2005/06 we have reduced our carbon emissions by 53 per cent.

City published its third annual Global Goals Report in April. The report presents case studies about how City is responding to the 17 United Nations Sustainable Development Goals (SDGs) and highlights five key themes: research, education, engagement, campus and governance.

City believes in social and environmental sustainability and strives towards improving the future for the next generation of environmental leaders. We run a diverse programme of engagement opportunities for students and staff and work closely with the Students’ Union to deliver training, events and activities. As the founders of the London Student Sustainability Conference, we showcase the best new student research and academic projects in the field of sustainable development.

City’s Sustainable Investment Statement is available to view here.