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Wellcome Trust rejects Guardian's calls to divest from fossil fuels Wellcome Trust rejects Guardian's calls to divest from fossil fuels
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The director of the Wellcome Trust has rejected calls from a Guardian campaign to shift the charitable foundation’s investments out of the fossil fuel industry, warning that such a move would mean less pressure on those companies to be green.The director of the Wellcome Trust has rejected calls from a Guardian campaign to shift the charitable foundation’s investments out of the fossil fuel industry, warning that such a move would mean less pressure on those companies to be green.
However, Jeremy Farrar said that Wellcome shared considerable common ground with the Keep it in the Ground campaign and that fossil fuel producers had responsibilities to society, including protecting the environment.
Related: Fossil-fuel divestment is not the way to reduce carbon emissions | Jeremy FarrarRelated: Fossil-fuel divestment is not the way to reduce carbon emissions | Jeremy Farrar
However, Jeremy Farrar said that Wellcome shared considerable common ground with the Keep it in the Ground campaign and that fossil fuel producers had responsibilities to society, including protecting the environment.
The public comments are the first by a senior figure at the health charity, the second largest non-governmental funder of medical research in the world, since more than 141,000 people signed a petition calling for Wellcome to divest from fossil fuels.The public comments are the first by a senior figure at the health charity, the second largest non-governmental funder of medical research in the world, since more than 141,000 people signed a petition calling for Wellcome to divest from fossil fuels.
Senior scientists including former chief scientific advisers to the UK and European commission have backed the call for divestment. It comes after a series of analyses that show that existing fossil fuel reserves are several times higher than the amount that could be burned if global warming is to be to kept below limits that world governments have agreed.Senior scientists including former chief scientific advisers to the UK and European commission have backed the call for divestment. It comes after a series of analyses that show that existing fossil fuel reserves are several times higher than the amount that could be burned if global warming is to be to kept below limits that world governments have agreed.
But Farrar, writing in the Guardian on Wednesday, said that while divestment was a “grand gesture” it was not as effective as engaging with fossil fuel companies.But Farrar, writing in the Guardian on Wednesday, said that while divestment was a “grand gesture” it was not as effective as engaging with fossil fuel companies.
“By maintaining our positions, we meet boards again and again, supporting their best environmental initiatives and challenging their worst. We would not be able to have the frank discussions we require if we published details, but we are confident that our engagement has impact,” he said.“By maintaining our positions, we meet boards again and again, supporting their best environmental initiatives and challenging their worst. We would not be able to have the frank discussions we require if we published details, but we are confident that our engagement has impact,” he said.
Selling its shares in such companies could undermine efforts to persuade companies to make their operations more low carbon to fight climate change, he said. “Were we to sell our holdings, it is unlikely that the buyers would exert the same influence.”Selling its shares in such companies could undermine efforts to persuade companies to make their operations more low carbon to fight climate change, he said. “Were we to sell our holdings, it is unlikely that the buyers would exert the same influence.”
In 2014, Wellcome’s £18bn endowment had more than £450m invested in Shell, BP, Rio Tinto and BHP Billiton. The foundation sold a £94m stake in Exxon Mobil in January, though it has not explained why.In 2014, Wellcome’s £18bn endowment had more than £450m invested in Shell, BP, Rio Tinto and BHP Billiton. The foundation sold a £94m stake in Exxon Mobil in January, though it has not explained why.
However, Farrar noted in his article that: “when we are not satisfied that a company is engaging with our concerns, we are perfectly prepared to sell.” He added that the extent to which companies meet their environmental responsibilities was a factor in deciding whether to sell or not, and said “all companies engaged in fossil fuel extraction are not equal”.However, Farrar noted in his article that: “when we are not satisfied that a company is engaging with our concerns, we are perfectly prepared to sell.” He added that the extent to which companies meet their environmental responsibilities was a factor in deciding whether to sell or not, and said “all companies engaged in fossil fuel extraction are not equal”.
The foundation was founded with the capital left by businessman Henry Wellcome and has become a major funder of health research, most recently leading efforts to tackle the ebola virus, including co-funding the first trials of a vaccine in the UK.The foundation was founded with the capital left by businessman Henry Wellcome and has become a major funder of health research, most recently leading efforts to tackle the ebola virus, including co-funding the first trials of a vaccine in the UK.
The Guardian is also calling on the Bill and Melinda Gates Foundation, the world’s biggest charitable fund, to commit to divesting from coal, oil and gas companies. A spokesman for Bill Gates’ private office said: “We respect the passion of advocates for action on climate change, and recognise that there are many views on how best to address it.”The Guardian is also calling on the Bill and Melinda Gates Foundation, the world’s biggest charitable fund, to commit to divesting from coal, oil and gas companies. A spokesman for Bill Gates’ private office said: “We respect the passion of advocates for action on climate change, and recognise that there are many views on how best to address it.”