SOAS divests from fossil fuels

The School of Oriental and African Studies, or SOAS, University of London has become the first university in the capital and the third in the UK to commit to pulling its investments out of fossil fuels, in what campaigners called a historic decision, writes Emma Howard for the Guardian.

On Friday, the institution announced it would divest the £1.5 million (US$2.3 million) of its £32 million (US$49 million) endowment held in oil and gas companies over the next three years to show leadership on climate change. The university has no investments in coal. The decision rules out future investments in fossil fuels and was approved by the school’s governing body, following an 18-month campaign involving more than 1,000 students and staff.

The university becomes the third in the UK to commit to fossil fuel divestment – following Glasgow and Bedfordshire – as part of a fast-growing global movement. In the US, Syracuse University and The New School in New York are divesting, while Stanford University is moving out of coal. More than 220 institutions have now made commitments, including faith organisations, pension funds, philanthropic foundations and local authorities.
Full report on the Guardian site