Tuesday, 12 May 2015

Edinburgh University rejects fossil fuel divestment policy

Despite pressure from the green lobby, Edinburgh University has declined to pull out of fossil fuel investments (including its pension fund).  You can see more details in this BBC report (which, alas, just quotes from the environmental lobbyists rather than giving a balance of reactions. After all there will be many pensioners who are affected).

The University's press release is here and a key reason for their decision is concern of the effect divestment will have on poorer parts of the world as shown by this paragraph:
"The [Fossil Fuels Review Group] group noted in particular that many developing countries are still dependent on fossil fuels for the provision of heating, clean water and refrigeration. An abrupt shift away from fossil fuel use would impact on the well-being of some of the world’s poorest communities."
The University will engage with investors and companies and continue research to minimise negative impacts of fossil fuels.

Comment:  It is good to see Edinburgh University taking a realistic view which weighs current impacts on the poorest in the world against environmentalist claims about some future harm which may or may not happen in 80-100 years.  Indeed, recent research, and the flatlining of global mean temperatures (now for 18 years) cast further doubt on the credibility of confident predictions from the catastrophists.

Amended 140515 to make the title clearer

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