Oxford University Says Will Not Invest in Coal, Tar Sands Companies

The University of Oxford will continue to avoid investments in companies involved in coal extraction and tar sands, the university's highest decision-making body said on Monday.

 

The university's funds - the Oxford Endowment Fund and the Oxford Capital Fund - have 2 billion pounds ($3.1 billion) of assets under management, and none of it is currently invested in coal or tar sands, the university said in a statement. (http://ouem.co.uk/)

 

"Our investment managers take a long-term view and take into account global risks, including climate change, when considering what investments to make," said Oxford University Vice-Chancellor Professor Andrew Hamilton.

 

A student union resolution in October called on the council to drop its shares in coal and tar sands companies and move its investments towards low-carbon industries.

 

The university was supposed to make a decision on fossil fuel divestment in March but the University Council postponed it to have more time to consider "serious issues".

 

Around 200 institutions globally, with a combined asset size of over $50 billion, have committed to move out of the fossil fuel industry, including the Rockefeller Brothers Foundation, Church of England, the British Medical Association, Stanford University and the World Council of Churches.