University of Dundee completes fossil fuels divestment

The University of Dundee has announced the completion of its divestment from fossil fuels – less than 12 months after declaring its intention to do so.

University of Dundee completes fossil fuels divestment

Professor Iain Gillespie

The University has also confirmed that half of its managed investments have been moved to a sustainable investment portfolio, with the remaining half to be transferred before the end of the month.

Though having held a relatively small holding in fossil fuel companies, the University announced in November 2020 that it intended to pull this investment within a five-year period.

Having been completed four years early, Professor Iain Gillespie, principal and vice-chancellor, revealed details of how Dundee’s portfolio of endowment funds - valued at around £29 million - is being invested responsibly.

He said: “We already have an ethical investment policy to ensure we are not knowingly investing in companies in conflict with our values.

“However, the move to a sustainable portfolio goes much further and actively invests in organisations whose products and services enhance the future of our planet. These include projects to support nations struggling to recover from Covid-19, and to progress green energy projects in the developing world.

“Income from endowment investments is also helping to support students here at the university, with 54% of the endowment student awards made recently having gone to students from the most deprived areas of Scotland.”

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