Edinburgh University has decided that it will shun the trend among its fellows and refuse to divest its pension fund from the fossil fuelled part of the energy industry. Instead it will require companies in which it invests to report on their emissions.
Companies will be required to report on their emissions and benchmark them according to best performance in their sector.
In addition, the University will focus specifically on companies involved in the extraction of the highest carbon-emitting fossil fuels: coal and tar sands.
The University will withdraw from investment in these companies if: realistic alternative sources of energy are available and the companies involved are not investing in technologies that help address the effects of carbon emissions and climate change.
There is an interesting snippet at the end of the press release that reveals what swayed the top brass's thinking on this knotty question:
The [Fossil Fuels Review Group] noted in particular that many developing countries are still dependent on fossil fuels for the provision of heating, clean water and refrigeration. An abrupt shift away from fossil fuel use would impact on the well-being of some of the world’s poorest communities.
Naturally the green fraternity is revolted by this wanton display of humanitarianism:
Let's hope this meme spreads.