In April 2021, the University announced that it would no longer be investing endowments and excess funds in companies involved in the extraction of fossil fuel or related industries.
Date: 1 September 2023
In a significant move towards sustainability and environmental responsibility, London Met has confirmed that it holds no investments in the fossil fuel industry.
This declaration follows a comprehensive audit of the University's funds, aiming to ensure no future financial ties with the sector. This decision underscores the institution's dedication to addressing climate change.
The divestment, decided upon in June 2020, is integral to the University's sustainability strategy that seeks to align its investments with its core values, promoting a greener future.
The University's Treasury Management and Ethical Investment Policy ensures that endowments and surplus funds are invested in ethically consistent companies. Investments will not be made in businesses linked to tobacco, armaments, oil & mining, or those that support human trafficking, slavery, or forced labour.
Central to London Met’s Estates Strategy, launched last year, is a commitment to achieving carbon neutrality by 2030, as well as other important milestones such as sourcing all onsite electricity from renewable sources.
Fossil fuels, known contributors to greenhouse gas emissions, are under increasing scrutiny from environmentalists and financial experts alike.
As nations and organisations worldwide commit to carbon neutrality and the reduction of their carbon footprints, institutions such as universities have a pivotal role to play in leading by example. London Met’s Chief Operating Officer, Eugene McCrossan, is proud of the University’s decision: "By divesting from fossil fuels we are not only taking a stance against the environmental impacts of these industries but also acknowledging the financial risks associated with investing in assets that may become stranded as the world shifts towards cleaner alternatives."
The decision also underscores the University's dedication to the well-being of its students and the broader community. As students become increasingly concerned about the state of the planet, educational institutions are being called upon to demonstrate their commitment to sustainability.
"We hope to send a clear message to our students that we take their concerns seriously and are willing to take action to ensure a liveable planet for future generations." commented Eugene. "Divesting from fossil fuels is a vital step on London Met’s journey to becoming a more sustainable and ethically sound institution."
The University's decision comes at a critical time. As the world faces escalating climate crises – from more frequent and severe heatwaves to rising sea levels – the urgency to reduce carbon emissions and accelerate the adoption of renewable energy technologies has never been clearer.