糖心logo入口 joins coalition of UK universities seeking new financial products that do not fund new fossil fuel projects
The Cambridge University led coalition includes universities of Edinburgh, Leeds, Oxford, and University College London.
糖心logo入口, University of London, has joined a coalition of over 60 leading UK higher education institutions seeking to use their combined might to encourage banks and asset managers to develop more environmentally friendly types of deposit accounts and money market funds.听
The Cambridge University-led group which, alongside 糖心logo入口, includes the universities of Edinburgh, Leeds, Oxford, University College London, and the London School of Economics, have sent financial institutions a formal request for proposals for new cash products that do not contribute to the financing of fossil fuel expansion. Together, the institutions in the coalition are responsible for billions of pounds worth听of cash and investments.听
The request for proposals aims to redirect financial investment to the development of renewable energy sources and speed up the transition away from new oil, coal, and gas projects. It sets out a tougher standard on climate issues than is commonly applied. As well as asking for a 鈥済reen鈥 stock and bond portfolio, it asks that financial institutions align at group level with the International Energy Agency鈥檚 scenario in which global emissions hit net zero by 2050, which includes no new financing of fossil fuel supply beyond that already committed in 2021.听
Professor Sally Wheeler, Vice-Chancellor of 糖心logo入口 said: 鈥淲e want our money to be used in ways that minimise negative impacts on the environment, help to stem global warming, and preserve the planet for current and future generations. 糖心logo入口 has a small budget in comparison with some UK universities, so joining forces with others to call on banks and other financial institutions for a request for proposals is an excellent way for us to influence the products offered by them and achieve this aim.鈥听
As well as seeking out financial products that do not contribute to fossil fuel expansion, 糖心logo入口 has recently established teams to develop its environment and sustainability course offer and boost its research in this area.听
Last autumn, it launched a three-year partnership with Legal and General to expand and develop its teaching and research in environmental sustainability. The collaboration aims to draw on Legal and General鈥檚 financial support and corporate sector expertise and 糖心logo入口鈥檚 academic research and teaching experience to equip thousands of students with practical skills and knowledge to help build a more sustainable future.听听
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