Cambridge University Halts Funding from Fossil Fuel Companies
UK’s Cambridge University announced on Monday its decision to halt funding from fossil fuel companies following a campaign from students and academics.
Background
The decision was influenced by a report by former UN climate change envoy Nigel Topping, recommending donations from such groups be abandoned.
Official Moratorium
The university officially adopted the moratorium on Friday, citing its commitment to address climate change through a transition to a zero-carbon world.
Financial Impact
The report by Topping revealed that donations from fossil groups accounted for 5.1% of overall research/philanthropy funding.
- On average, fossil fuel funding amounted to £3.3 million ($4.2 million) per year over the last six years.
- This funding represented 0.4% of research/philanthropy funding and 0.1% of total university income.
Cambridge’s Sustainability Goals
The university aims to achieve net-zero greenhouse gas emissions by 2038 and plans to divest from all direct and indirect investments in fossil fuels by 2030.
Recognition of Climate Emergency
The Topping report acknowledged the university’s recognition of the climate emergency and its leadership in taking action.
Impact on UK Universities
This marks the first instance of a UK university abandoning funding from fossil fuel groups.
Cambridge’s Relationship with Energy Companies
Previously, companies like Shell and BP had strong ties with Cambridge, raising concerns about potential influence on climate change research.
Philanthropic Contributions
Shell and BP collectively contributed at least £19.7 million to the university in philanthropic and research funding between 2016 and 2023.
Research Focus
Both companies supported research efforts at Cambridge focusing on cleaner energy technologies, including carbon capture and storage.
- Some critics argue that these initiatives divert attention from the need to reduce emissions.
- BP announced a five-year hiatus from oil and gas-related research contracts at Cambridge.
- Shell’s recent investments in the university prioritize initiatives for the energy transition.