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University to stop investing in fossil fuels

CARDIFF University says it will stop investing in the fossil fuel industry by 2021.

A draft ethical investment policy was discussed at a University Council meeting this morning and it was decided to divest completely within three years.

Chair of council, Stuart Palmer, said: “The move to full divestment aligns the university’s investment decisions with our values and aims, and reaffirms our commitment to environmental sustainability, responsible investment and social responsibility.

“We will act quickly to start the process and anticipate being free of investment in fossil fuel companies by 2021.”

Two students belonging to the Cardiff People and the Planet Society have been on hunger strike for eight days and nine members staged a sit-in at the Vice Chancellor’s office.

The group also vandalised limestone pillars in the Main Building with graffiti causing a rumoured £10,000 worth of damage to the Grade II listed building.

Council members have listened to the concerns of staff and students and considered a range of views,” Professor Palmer said.

“Council has asked the Investment and Banking Sub-Committee to consider its wider ethical investment code as well as the issue of fossil fuel divestment.”

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