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La Trobe University first in Australia to divest from fossil fuels
May 26, 2016
La Trobe University first in Australia to divest from fossil fuels
By Vaidehi Shah
Thursday 26 May 2016
Melbourne’s La Trobe University on Wednesday announced that it will end its investments in major coal, oil, and gas companies over the next five years, becoming the first university in Australia to do so.
The university said it had recently endorsed a plan to phase out its investments in companies which have a strong involvement in fossil fuels, and will also be more transparent about the carbon footprint of companies under its portfolio.
John Dewar, La Trobe University’s vice-chancellor, said in a statement that “we are committed to divesting from the top 200 publicly-traded fossil fuel companies ranked by the carbon content of their fossil fuel reserves within five years.”
He added: “At La Trobe, we believe economic profitability and environmental sustainability are not mutually exclusive.”
The university is working with new fund managers to reduce the carbon exposure of its investments, and will publish annual reports of its divestment progress.
Read more at Eco-Business.
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