University of Reading to divest from fossil fuels firms

University of Reading
Image caption University of Reading will also exclude investments in companies making weapons, tobacco or porn

The University of Reading has announced it is to sell all its remaining investments in fossil fuels.

Its portfolio will be fully divested from fuel companies within months and instead put into green schemes.

The university will also exclude any investment in companies making weapons, tobacco or pornography from its £120 million portfolio of shares and bonds.

Vice-chancellor Prof Robert Van De Noort said he was pleased to meet its pledge to decarbonise investments.

The decision comes after the university appointed a new fund manager Cazenove Capital, and wanted to respond to concerns of students and staff.

The Berkshire-based university's endowments will be now managed on a fossil fuel-free, low carbon basis.

Image copyright Getty Images
Image caption The university's portfolio will be managed on a low carbon basis

Prof Van De Noort said: "As an institution, we are a world leader in environmental research and have already made great strides to reduce our carbon emissions and to support environmental sustainability.

"After a rigorous appointments process, we are confident that our new fund manager has the capability to align our investments with our mission to understand and fight climate change."

The university added it was hoping to reduce its energy use by 45% by the year 2021.

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