Connect with us

Hi, what are you looking for?

CleanTechnica

Green Economy

London School Of Economics Divests From £97.2 Million Coal & Tar Sands Investments

The prestigious London School of Economics announced this week that it would divest from its £97.2 million in investments in coal and tar sands companies.

12314137_10154095886398488_8968245261207966042_nThe London School of Economics (LSE) Council approved a series of recommendations that it believed would “strengthen the School’s socially responsible investment policy.” Specifically, according to the School’s Socially Responsible Investment Policy (PDF), “The School will seek to progressively reduce its investment in funds which indirectly place its endowment in companies significantly engaged in the extraction of thermal coal and tar sands.”

“I welcome the decision taken today as an indication that the school is listening and responding to the concerns of students, staff and faculty,” said Gabriel Davalos, an LSE alumni. “To remain invested in coal and tar sands right now is absolute folly. However, I think LSE needs to look hard at its investments in oil and gas companies. We need to keep at least 80% of all fossil fuels in the ground of we want to avoid runaway climate change. We can start with tar sands and coal but we need a concrete timeline to divest from oil and gas.”

New research published earlier this month by magazine Corporate Knights concluded that the $147 million LSE endowment had lost $3 million due to not having divested 3 years ago.

Nevertheless, LSE is definitely committed to revising and updating its investment policies, as are many other universities across the UK.

“With eighteen UK universities now divesting, we need ways that these institutions can invest in the new low-carbon infrastructure which society desperately needs,” said Andrew Taylor, Campaigns Manager at People & Planet. “Some local authority pension schemes are already investing directly in community controlled renewable energy, but we need to see ways that smaller institutions like universities can get involved.”

Image Credit: via LSE Divest, Facebook

 
Appreciate CleanTechnica’s originality and cleantech news coverage? Consider becoming a CleanTechnica Member, Supporter, Technician, or Ambassador — or a patron on Patreon.
 

Don't want to miss a cleantech story? Sign up for daily news updates from CleanTechnica on email. Or follow us on Google News!
 

Have a tip for CleanTechnica, want to advertise, or want to suggest a guest for our CleanTech Talk podcast? Contact us here.
Advertisement
 
Written By

I'm a Christian, a nerd, a geek, and I believe that we're pretty quickly directing planet-Earth into hell in a handbasket! I also write for Fantasy Book Review (.co.uk), and can be found writing articles for a variety of other sites. Check me out at about.me for more.

Comments

You May Also Like

Coal

The new buzz expression for Australian mining companies that are leaving fossil fuel assets behind to chase greater profits is: “future facing commodities.” No...

Climate Change

At stake are legitimate clean energy industries -- those that don't pollute the environment or question our future existence as a species.

Fossil Fuels

Taking a look back: 350.org’s grassroots campaign “keep it in the ground” is a success story – and not yet finished. By taking a...

Climate Change

Laws to limit divestment in Texas have met with resistance, as bankers and analysts have figured out ways to detour around Big Oil in...

Copyright © 2021 CleanTechnica. The content produced by this site is for entertainment purposes only. Opinions and comments published on this site may not be sanctioned by and do not necessarily represent the views of CleanTechnica, its owners, sponsors, affiliates, or subsidiaries.