Glasgow University has become the first in the UK to announce that it will sell off the shares it holds in companies that produce fossil fuels.
A spokesman said the university recognised the “devastating impact” that climate change could have and the “need to reduce the world’s dependence on fossil fuels”.
The university is withdrawing £18m of investments over the next decade.
It comes after students had mounted a campaign calling for the change.
More than 1,300 were involved in the campaign, which included rallies and fake oil spills.
David Newall, secretary of the university’s governing body, said: “The university recognises the devastating impact that climate change may have on our planet, and the need for the world to reduce its dependence on fossil fuels.
Divestment campaign
“Over the coming years we will steadily reduce our investment in the fossil fuel extraction industry, while also taking steps to reduce our carbon consumption.”
The university will freeze new investments in fossil fuels and, over 10 years, divest its hydrocarbon investment which is around 4% of its total endowment.
More on: www.bbc.com/news/uk-29547137
