Glasgow University to sell £18m fossil fuel shares

The University of Glasgow has become the first academic institution in the UK to announce it will sell off the shares it holds in fossil fuel companies. The university court […]

By Priyanka Shrestha

The University of Glasgow has become the first academic institution in the UK to announce it will sell off the shares it holds in fossil fuel companies.

The university court voted to begin divesting £18 million from the fossil fuel industry in the next decade after months of student campaigns.

David Newall, Secretary of the University of Glasgow Court said: “The University recognises the devastating impact that climate change may have on our planet and the need for the world to reduce its dependence on fossil fuels.

“Over the coming years we will steadily reduce our investment in the fossil fuel extraction industry while also taking steps to reduce our carbon consumption.”

Just before the UN Climate Summit in New York last month, the heirs to the Rockefeller fortune announced plans to pull their funds from fossil fuel companies.