BREAKING: Cardiff Uni has just announced they will be fully divesting from fossil fuels
They will stop all investments by 2021
Following a meeting today of Cardiff University’s Council, it has been decided that the university will stop all investments into fossil fuels.
This decision comes after weeks of protests by Cardiff University People and Planet, including spray chalking pillars in the Cardiff University Main Building and a week long hunger strike.
These demonstrations have not been received well by everyone as the University announced the potential cost of the damages could be as high as £10,000, as reported by The Tab Cardiff last week. However, the group did manage to gain a meeting with the University's Vice-Chancellor Colin Riordan.
The University's full statement:
"Cardiff University has announced it is to stop investing in fossil fuels by 2021. The decision comes following a meeting of Cardiff University’s Council today [Tuesday 20th March, 2018] in which the University’s draft ethical investment policy was discussed."
Chair of Council, Professor Stuart Palmer, said: “Council members have listened to the concerns of staff and students and considered a range of views.
“Council has asked the Investment and Banking sub-committee to consider its wider ethical investment code as well as the issue of fossil fuel divestment.
“The move to full divestment aligns the University’s investment decisions with our values and aims, and reaffirms our commitment to environmental sustainability, responsible investment and social responsibility.
“We will act quickly to start the process and anticipate being free of investment in fossil fuel companies by 2021.”
Professor Colin Riordan, Vice-Chancellor of Cardiff University, said, “Environmental sustainability is a core value of our strategy The Way Forward 2018-23 and the decision to divest from fossil fuels is the latest milestone in our journey.
“Along with our pledge to phase out the use of single-use plastic by 2023 – as outlined in our strategy – the move to divestment sends a clear and positive message that we are committed to environmental sustainability and tackling climate change.
“I would like to thank all who have shared their views on this issue.”