King's to reduce investments in polluting fossil fuel companies

King’s College London is to adopt a policy of phased fossil fuel divestment – which will see the university reducing investments in companies involved in the ‘dirtiest’ fuels like tar sands oil and thermal coal and move towards opportunities to support low carbon alternatives.

The Chairman’s Committee yesterday endorsed a set of proposals put forward by the university’s Socially Responsible Investment Review Committee (SRIRC), which includes student representatives as well as staff.

A plan will now be developed to enable a phased divestment from any companies with more than 10% of their revenues derived from these high polluting fossil fuels and to reinvest the funds in low carbon alternatives as well as in investments which demonstrate a strong environmental performance.

A range of further proposals to improve environmental management throughout the university were also made, including committing to becoming a sustainable institution by 2029, to tie into the King’s Vision 2029.

The decision follows a lively debate at King’s on fossil fuel divestment and strong campaigning by student organisation, Fossil Free King’s (FFK). President and Principal Edward Byrne AC established the SRIRC following a recent open debate, involving prominent internal and external experts and FFK.

Today, he welcomed the decision, praising the diligence and commitment of student representatives and staff who worked closely together on the complex task of reducing the university’s carbon footprint.

Professor Byrne said: ‘King's is a force for good in the many diverse societies it serves and is committed to playing its part in aiding the vital transition to a low carbon economy.  We recognise that the overwhelming evidence suggests the world’s climate is changing, and that much of this change is due to our dependence on fossil fuels, that have also lifted billions of people out of poverty. 

‘The journey to becoming a more sustainable society is long and universities play a crucial part. If we are going to champion sustainability, we must also be champions of how we act so that our energy footprint is as modest as it possibly can be. We also need to set an example by developing more fit-for-purpose investment policies for our financial reserves to make sure that we are investing in environmentally friendly industries. So I am very pleased with these recommendations.’

The SRIRC report - King’s role in the transition to a low carbon economy can be read here.

ENDS