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Major UK universities including Cambridge, Oxford and the London School of Economics have united to demand stronger action from banks in the fight against climate change. Mail.ru reports this with reference to the Financial Times.
A coalition of 21 universities has warned it will withdraw £5bn from banks if they do not meet strict green investment criteria. Banks must stop financing new fossil fuel projects and develop green financial products that ensure customer funds are not used to support oil, coal or gas projects.
The universities point to the International Energy Agency's (IEA) plan to end funding for fossil fuels from 2021 to achieve net-zero emissions by 2050.
So far, only a few banks meet the coalition's requirements. According to Reclaim Finance, of the 100 largest banks in the world, only La Banque Postale meets all the criteria. Among the 100 largest management companies, not a single one matches.
University administrators are under intense pressure from students and faculty to take stronger action on climate change. Oxford University, for example, has been criticized for increasing indirect investment in fossil fuels.