The University of Glasgow has announced that it is to divest £18 million from the fossil fuel industry and freeze new investments across its entire endowment of £128 million to help tackle climate change.

The decision, ‘subject to reassurance that the financial impact for the university is acceptable’, was made after a period of consultation by an independent working group taking evidence from the Glasgow University Climate Action Society and the University Investment Committee.

In the past year, more than 1,300 students involved with the Glasgow University Climate Action Society have campaigned for divestment over concerns regarding the sustainability of fossil fuel consumption and the impact of fossil fuels on the environment.

On Wednesday (8 October), the University Court voted to divest £19 million from the fossil fuel industry over the next 10 years and freeze new investments across its entire endowment of £128 million.

The Universities Investment Advisement Committee has recommended that the University of Glasgow now seek to reinvest in renewable energy industries, where possible.

‘Making the moral case crystal clear’

David Newall, Secretary of the University of Glasgow Court, commented: “The university recognises the devastating impact that climate change may have on our planet, and the need for the world to reduce its dependence on fossil fuels. Over the coming years we will steadily reduce our investment in the fossil fuel extraction industry, while also taking steps to reduce our carbon consumption."

The move will reportedly make Glasgow the first European university to divest from the fossil fuel industry. Thirteen US universities including Stanford, have already committed to divest from the fossil fuel industry, and the School of Oriental and African Studies (SOAS) became the first UK university to freeze new investments in the fossil fuel industry earlier this year. (SOAS is expected to make a decision on divestment in the next month.)

Sophie Baumert from the Glasgow University Climate Action Society, welcomed the move, stating: "We are delighted that the University of Glasgow has decided to take a committed stance against climate change and cut its financial ties with the fossil fuel industry. This is huge step for the Fossil Free campaign in the UK and we hope that our university will serve as a role model for other universities."

Andrew Taylor from the fossil fuel divestment campaign People & Planet also commented, saying: “Divestment now has a firm foothold in the UK. Student and academic pressure to get out of fossil fuels is building across the sector. It's time to stop profiting from wrecking the climate, whether you’re an institution with lots of money like Oxford or Edinburgh, or a world leader in climate research such as the University of East Anglia.

“Glasgow has helped make the moral case crystal clear and we expect more universities to very soon put their money where their research is.”

Find out more about the impact of fossil fuel use on the environment.