UCLan has announced it will no longer invest endowments in firms involved in the extraction and distribution of fossil fuels.

The divestment is part of UClan’s ‘ongoing commitment’ to ‘sustainable and ethical’ investment practices, with the university’s third-party fund manager also not investing in firms involved with fossil fuel reserves or fossil fuel-related equipment and services.

It includes all companies in the oil, gas and consumable fuels industry, energy equipment and services industry, and diversified metals and mining industry.

Read more: New choir to launch in Preston’s Climate Emergency Centre 

Chief Finance Officer George Charles said: “Sustaining and enhancing the well-being of people, places and the planet are amongst the most important challenges we face today.

“We have made these aspects of our current strategic plan as we know our students, staff, and stakeholders are concerned about the social, environmental and sustainability impact we have on society.

“We have not invested in fossil fuels for the last few years, but officially announcing our divestment from fossil fuel companies is an important step.”

Read more: Let’s Grow Preston: The grassroots charity feeding the city’s hungry residents

UCLan’s commitment to sustainability includes working on a decarbonisation plan to calculate how it can bring its net zero targets forward.

It also includes the MaCaW and Eco-I North West projects to provide in-depth support to local companies to reduce their carbon emissions, responsible procurement of goods and services, and initiatives to support sustainable travel.

To read the university’s Ethical Investment Policy, visit – https://www.uclan.ac.uk/assets/financial-information

See what’s happening near you by entering your postcode below or visit InYourArea

Read more: See the latest Preston news and headlines

What are your views on UCLan’s divestment? Let us know in the comments below.