FoES reaction: Glasgow University Divests from Fossil Fuels

Commenting on the news that Glasgow University has voted to divest its endowment fund from fossil fuels companies, Friends of the Earth Scotland Head of Campaigns Mary Church said:

“Well done Glasgow University for becoming the first University in the UK to take this hugely important step in taking its endowment fund investments out of fossil fuels. Not only is this great news for the planet, but it also makes good financial sense. There are 5 times as many fossil fuels on the balance sheets of big energy companies as climate science tells us it is safe to burn, so at some point this carbon bubble is going to have to burst.

We hope the forward thinking action of Glasgow University today will set an example to public and education institutions across the UK to follow suit.

Glasgow University’s endowment fund is worth £130 million. Today’s vote will see around £18 million which is currently invested in fossil fuel companies including Shell, BP and Chevron, reallocated over the next 10 years.

ENDS

Notes to Editors

1. Glasgow becomes first UK university to divest from fossil fuel industry http://www.gla.ac.uk/news/headline_364008_en.html 

2. Friends of the Earth Scotland is

* Scotland’s leading environmental campaigning organisation

* An independent Scottish charity with a network of thousands of supporters and active local groups across Scotland

* Part of the largest grassroots environmental network in the world, uniting over 2 million supporters, 77 national member groups, and some 5,000 local activist groups.