Warwick became the latest British university to withdraw investments in fossil fuels as more institutions embrace the fight against climate change.
The university is revising its “socially responsible investment policy,” it said Wednesday in a statement. Any investments that don’t comply will be replaced with others in “fossil-free index-related funds.”
Warwick is the seventh U.K. university to announce divestment, with Oxford deciding in May to curb some of the most polluting fossil fuel-related investments in its 1.7 billion-pound ($2.6 billion) endowment. That move gave weight to a movement waged by environmentalists who are attempting to stigmatize the industries they blame for causing global warming.
Warwick holds an endowment of 17 million pounds, of which 1 million pounds are invested in oil, gas and coal companies, according to campaign group People & Planet.
“Warwick’s decision is another clear signal that any university that doesn’t divest is going against the tide,” Andrew Taylor, Fossil Free campaigns manager at People & Planet, said in a statement.
Manchester University has also held talks on divesting from fossil fuel-related companies, a spokesman said by phone. A decision isn’t expected for several months, he said.