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Reading Cuts Ties with Fossil Fuels

Posted by Richard Ward in

Image courtesy of Flickr, Creative Commons

Following pressure from students, the University of Reading has cut its investment in fossil fuels by more than half in the last 12 months.

The university's £63 million endowment fund now has just over £700k invested in Royal Dutch Shell.

In comparison, last year the institution has more than £2.6 million invested in fossil fuels. This included investments in Shell, BP and Total, however, the university has now divested from the latter two companies.

A spokesperson for the university said: "The University of Reading is a world leader in environmental research and is making significant progress to reduce its footprint in both carbon emissions and sustainability including aligning our investments with our values."

The university is currently looking for a new firm to manage its investments and expects to appoint a new manager in early 2020.

Professor Robert Van De Noort, vice chancellor, said: "This is a major step towards making good on our longstanding commitment to align our investments with our values."

"I am pleased that we are now progressing this work more quickly."