{"id":40177,"date":"2020-05-29T06:10:56","date_gmt":"2020-05-28T19:40:56","guid":{"rendered":"https:\/\/www.solarquotes.com.au\/blog\/?p=40177"},"modified":"2020-05-29T06:10:56","modified_gmt":"2020-05-28T19:40:56","slug":"university-manchester-divestment-mb1543","status":"publish","type":"post","link":"https:\/\/www.solarquotes.com.au\/blog\/university-manchester-divestment-mb1543\/","title":{"rendered":"University of Manchester To ‘Decarbonise’ Investments"},"content":{"rendered":"

\"University<\/p>\n

The UK’s University of Manchester has announced it will dump investments in fossil fuel reserve and extraction companies – and take efforts a step further.<\/p>\n

Initial action, which includes almost complete (99%) disinvestment in fossil fuel extraction, will see the university reduce the carbon intensity of its overall investment portfolio 30% by 2022. But companies that hold fossil fuel reserves or are involved in extraction only make up 3-5% of University of Manchester’s investments.<\/p>\n

The institution says changes to its Socially Responsible Investment Policy go beyond other fossil fuel divestment programmes.<\/p>\n

“Since most CO2 emissions do not arise from the direct activity of fossil fuel companies, but through the use of fossil fuels by others, we will also take the more ambitious step to shift our investments to carbon efficient companies,” said<\/a> Vice-President for Social Responsibility, Professor Nalin Thakkar. “We believe this is a more radical, comprehensive and justified approach than disinvestment based on fossil fuel extraction alone.\u201d<\/p><\/blockquote>\n

The policy changes<\/a> occurred after consultation with staff, students and alumni earlier this year – a process that attracted close to 600 responses.<\/p>\n

Investment changes could include a move from companies such as those involved in mining or road transport to renewable energy firms. The university expects to have ‘decarbonised’ its investments (i.e. achieved net zero emissions) by 2038 at the latest.<\/p>\n

The University has also signed on to (and developed) the City of Manchester\u2019s zero-carbon target<\/a>, which the City aims to achieve by 2038 – 12 years earlier than the national target. Manchester City Council declared a climate emergency in July 2019<\/a>. The university itself is estimated to be responsible for 5.9% of the city\u2019s carbon emissions.<\/p>\n

Fossil Fuel Divestment Statistics<\/h2>\n

According to GoFossilFree<\/a>, around 1,237 institutions (educational and others) globally are partly\/fully divesting from fossil fuels; with USD $14.14 *trillion* involved.<\/p>\n

Australian universities to have jumped on the divestment\u00a0 bandwagon include:<\/p>\n