Oxford University Says Will Not Invest in Coal, Tar Sands Companies
Photo: The University of Oxford
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.
($1 = 0.6382 pounds)
(Reporting by Nina Chestney and Simon Jessop; Editing by Steve Slater)
