A university has moved £60 million of its investments into businesses that directly benefit the environment as part of its climate strategy.
The University of Edinburgh has invested the money in two dedicated funds that support a cleaner, more sustainable and climate-friendly future.
One fund invests in companies that tackle a range of sustainability issues, including the need for greener products and low-carbon infrastructure.
It also backs companies that address challenges such as sourcing sustainable water, energy and food.
The second fund is investing in a range of sustainably focused themes, including renewable technologies, directly supporting a global transition to low-carbon and renewable energy.
The university said the move is part of its climate strategy and is a major step in its commitment to make a significant, sustainable, and socially responsible contribution to Scotland, the UK and the world.
Dave Gorman, the University’s Director of Social Responsibility and Sustainability said: “This substantial investment will deliver an impact for society. It will support new and established technologies and enable the creation of jobs in new industries.”
In 2013, Edinburgh was the first university in Europe to become a member of Principles for Responsible Investment, a UN-backed initiative that aims to make the global financial system more sustainable.
The university aims to be carbon neutral by 2040 and in May 2015 signalled its intention to support the transition to a low-carbon economy.
Phil McNaull, the university’s director of finance, said: “Since we joined the Principles for Responsible Investment, we have updated our policies on fossil fuels, modern slavery, and sustainable supply chains.
“This is another major change to our investment fund – to selectively invest in funds making a more positive contribution to environmental sustainability.”
The university has invested more than £30 million in low carbon technology on campus, and since 2010 it has attracted more than £50 million of funding for climate-related research.
Oliver Glick, vice president community at Edinburgh University Students’ Association, said: “Students have shown a real passion in the last few years for a more sustainable university, one which divests, and reinvests in green energy.
“Any move in this direction is appreciated by the Students Association, and we hope that the university continues to prioritise sustainability.”
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