In its ‘Responsible Investment’ report the University of Manchester has confirmed it’s ended its investments in coal, oil, and gas.
It was announced yesterday, Friday April 29, the northern university has ended investment in fossil fuel companies and has exceeded its target of reducing the carbon intensity of its other holdings, in the last year.
Exceeding Reduction Targets
According to the report the University of Manchester has has exceeded its 30% carbon intensity reduction target, and has instead achieved a 37% reduction. Their ambition is to reduce this to net zero by 2038 at the latest, in alignment with the University’s and city’s overall zero carbon commitments.
The report, published online, also confirms that the University has no holdings in companies producing tobacco, controversial weapons and those with the lowest environmental, social and governance rating.
It also details how the University’s fund managers have brought influence to bear on a range of social responsibility issues with companies such as Nike, Barclays and ArcelorMittal.
Time To ‘Be More Radical
Professor Nalin Thakkar, Vice-President for Social Responsibility, said the university aimed to ‘be more radical’ than just discontinuing investments in coal, oil and gas – they wanted to look at ways to ’tilt’ their investments to more ‘carbon-efficient companies’.
‘When we set out this policy we were clear that we wanted to be more radical than simply removing our investment from fossil fuel companies,’ he said.
‘We wanted to actively tilt our investment portfolio towards more carbon-efficient companies. While there is more to do, I’m really pleased that we’ve exceeded our target in our first year.’
The report also shows at the moment the university holds over £200m in managed investments which relate to endowment funds gifted by donors.
Income from these donors is used to support the University’s core services including those for students.
