DUNDEE University has completed its divestment from fossil fuels – less than a year after stating its intention to do so.
The university has also confirmed that half of its managed investments have been moved to a sustainable investment portfolio, with the remaining half to be transferred before the end of the month.
The university announced in November last year that it intended to pull this investment within a five-year period.
Professor Iain Gillespie, principal and vice-chancellor, revealed details of how Dundee’s portfolio of endowment funds – valued at around £29 million – is being invested responsibly.
“We already have an ethical investment policy to ensure we are not knowingly investing in companies in conflict with our values,” he said.
“However, the move to a sustainable portfolio goes much further and actively invests in organisations whose products and services enhance the future of our planet.
“These include projects to support nations struggling to recover from Covid-19, and to progress green energy projects in the developing world.
“Income from endowment investments is also helping to support students here at the university, with 54% of the endowment student awards made recently having gone to students from the most deprived areas of Scotland.”
Earlier this year, the university was ranked top in the UK, and fifth globally, for climate action in this year’s edition of the Times Higher Education University Impact Rankings.
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