UNSW to divest from fossil fuels
University of New South Wales (UNSW) Sydney has indicated its responsible investment intent by moving away from investment in fossil fuels.
The organisation will divest from direct ownership and any co-mingled funds that include equities and corporate bonds of companies who own or exploit fossil fuel reserves by 2025.
President and Vice-Chancellor Professor Ian Jacobs said there had been a ‘clear expectation’ from the UNSW community that it focused on climate change.
“Our divestment decision is a clear statement of UNSW’s responsible investment intent and the continuation of our long and impressive journey on climate action – it is worth remembering that more than 30 years ago, the solar cell technology which powers 50% of solar panels around the world was developed right here at UNSW.”
Other climate action initiatives from the University included its leadership of the ARC Centre for Climate Extremes which was working on making the Sydney campus powered by emission-free energy in the near future.
“The University’s environmental sustainability initiatives extend to the design of all new buildings at UNSW, energy, water and waste management on campus, and working to eliminate single-use plastics in food service,” Professor Jacobs said.
AUTHOR
Laura Dew
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