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Oxford University to rule on coal investments Oxford's postponed divestment decision faces protest
(about 9 hours later)
The University of Oxford will decide whether to pull out of its investments in coal and oil sands later. Former students occupied an Oxford building on Monday to protest the university's failure to decide about divesting funds from fossil fuels.
Students have been campaigning on the issue for over a year because scientists say burning the world's coal will result in reckless risks to the climate. Campaigners expected an announcement from the university, following discussion of a divestment proposal put forward by students.
It is part of a global movement for public organisations to divest from fossil fuels. But an Oxford spokesperson said time was needed to consider "serious issues" involved in the investment change.
Glasgow University has done so, along with other organisations worldwide. The demonstrators said there was no excuse for delaying the decision.
They include Stanford University, the British Medical Association, the World Council of Churches and the Rockefeller Brothers. They point out that firms have discovered three times more fossil fuel than can be safely burned without excessive risk to the climate.
This month, members of the London Assembly urged the Mayor Boris Johnson to withdraw investments in coal, oil and gas. A spokesperson for Oxford University said, "(The) Student Union raised an important and multi-faceted matter which requires thorough consideration."
It is said to be the fastest-growing divestment movement the world has seen as the public becomes increasingly aware that firms have discovered three times more fossil fuel than can be safely burned without excessive risk to the climate. Joining the occupation was John Clements, Oxford's director of finance from 1995 to 2004. He said: "We are bitterly disappointed about the university's failure to come to a decision. Oxford should be leading the move away from investment in all world-destroying fossil fuel companies to more sustainable forms of energy."
Oxford is the second richest university in the UK after Cambridge. Its endowment was worth around £3.8bn. These events played out as the UN's climate body, the UNFCCC, said it supported divestment - and the Guardian newspaper launched a petition urging the Gates and Wellcome Trusts to divest.
Over the last five years the university has partially divested from arms manufacturing companies. Several top universities including Stanford and Glasgow have already decided to pull out of their shares in fossil fuels.
Two years ago the university accepted funds from Shell for a new Earth Sciences laboratory. Oxford postponed its decision until May.
The firm also funds research doctorates in geochemistry. BP spends millions supporting university research.
'Hear the voices''Hear the voices'
A statement from the university said the Student Union made a number of requests relating to the Oxford Funds around its investment policies relating to oil and coal. The British Medical Association, the World Council of Churches and the Rockefeller Brothers have all agreed to divest and members of the London Assembly have urged the Mayor Boris Johnson to withdraw investments in coal, oil and gas.
A spokesman said: "The university has carried out a consultation on these requests and council will discuss the matter further on Monday. This is said to be the fastest-growing divestment movement the world has seen.
"We will make a further announcement if a decision is made." Oxford is the second richest university in the UK after Cambridge. Its endowment is worth around £3.8bn. Over the last five years it has partially divested from arms manufacturing companies.
Two years ago the university accepted funds from Shell for a new Earth Sciences laboratory and the firm also funds research doctorates in geochemistry. BP spends millions supporting university research.
The Oxford Fossil Free campaign urges the university to evaluate the carbon risk of its portfolio; to move from high-carbon assets to low-carbon alternatives; and to cut direct investments in coal and tar sands oil - the most polluting energy sources.The Oxford Fossil Free campaign urges the university to evaluate the carbon risk of its portfolio; to move from high-carbon assets to low-carbon alternatives; and to cut direct investments in coal and tar sands oil - the most polluting energy sources.
It has gathered support from students, academics and alumni with over 100 academics signing an open letter calling for action.It has gathered support from students, academics and alumni with over 100 academics signing an open letter calling for action.
Miriam Chapman, a student campaigner at Oxford University, said: "This decision could make climate history.Miriam Chapman, a student campaigner at Oxford University, said: "This decision could make climate history.
"Oxford University needs to hear the voices of its students, academics and alumni calling for action on climate change, and an end to investment in fossil fuels.' "Oxford University needs to hear the voices of its students, academics and alumni calling for action on climate change, and an end to investment in fossil fuels."
Jeremy Leggett, a solar entrepreneur and Oxford alumnus said: 'I don't think universities should be training young people to craft a viable civilisation with one hand and bankroll its sabotage with the other.' Globally, the organisers of the campaign claim that around 200 institutions with a combined asset size of over $50bn have committed to divest, although the small print of commitments leaves wriggle-room in some cases.
The organisers of the campaign globally claim that around 200 institutions with a combined asset size of over $50bn have committed to divest, although the small print of commitments leaves wriggle-room in some cases. As the campaign grows, so does opposition to it. Daniel Fischel, emeritus professor at the University of Chicago Law School told BBC News: “Every bit of economic evidence suggests that fossil fuel divestment is a bad idea. The costs are substantial and stand to have real financial impacts on the returns generated by endowment funds.”
Follow Roger on Twitter@rharrabin Jeremy Leggett, a solar entrepreneur and Oxford alumnus said: "I don't think universities should be training young people to craft a viable civilisation with one hand, and bankrolling its sabotage with the other."
Follow Roger on Twitter: @rharrabin