University of Liverpool agrees to fully divest from fossil fuels by 2022
Fossil fuel companies make up 1.2 per cent of UoL’s investment potfolio
The University of Liverpool has committed to fully divesting from fossil fuels by 2022.
Yesterday, the university committed to selling its remaining £2.8m holdings in fossil fuel companies, which currently make up 1.2 per cent of UoL's investment portfolio.
The call for UoL to withdraw their remaining partial investments fossil fuels came following the introduction of an ethical investment policy last year. The policy committed the university to exclude companies deriving over 10 per cent of their revenue from thermal coal and tar sands.
Hannah Nguyen, Deputy President of the Guild said: "I am thrilled that the university has agreed to divest from this dirty industry.
"Full divestment is a huge win for the Fossil Free movement, and it’s all down to student activists at Liverpool who have campaigned tirelessly."
The Guild's Fossil Free campaign teamed up with Fossil Free Merseyside and Youth Strike 4 Climate to demand UoL stop profiting from the climate crisis.
Throughout the last academic year, the cause has gained significant support from clubs and sports societies alike.
A paper was submitted to UoL's investment sub committee on 22nd May which outlined the argument for full divestment.
Nicola Davies, the committee's Director of Finance said: “The case to reduce our investments in companies that derive significant revenues from fossil fuel extraction and production has increased with greater awareness of the impact of climate change."
Nguyen, who spearheaded the campaign said in a previous interview with The Liverpool Tab: "There are people on the front line of fossil fuel extraction projects suffering at the hands of fossil fuel companies.
"People in the global south are disproportionately affected by climate change and are generally the least responsible because their contribution to emissions is so low."