The University of Bristol has promised to end all investments in fossil fuel companies within the next two years, doubling down on a previous divestment pledge.
By seizing investment in coal, oil and gas companies, it became one of three of the UK’s leading universities who have said in the past week that they will be dropping their holdings in fossil fuel companies.
The university which runs a £71m endowment fund, announced last year that it would begin to reduce it’s exposure to most of the worst CO2 emitting companies, but still had £2m invested in the sector. This last investment will be cut by 2020.
The University of Cardiff and the University of Durham also pledged to become fossil free by 2021, dropping a combined investment of more than £2.5m.
Fossil fuels are non-renewable energy resources, such as oil and coal, which release carbon dioxide when they burn, adding to the greenhouse effect and increasing global warming.
Pressure for divesting from activist groups and academics have been growing across the UK. Academics like Rowan Williams and campaigners like Noam Chomsky have stepped up efforts to push for action on carbon investments that are ”incompatible with the Paris agreement”.
The Bristol University Fossil Free society has been campaigning to make this policy happen. The president of the society is proud of the University’s announcement, calling on other institutions in Bristol to prevent climate change and use their investments to create a more sustainable future.