CAFA applauds the impactful initiative led by a coalition of 21 leading UK universities, including Oxford, Cambridge, Edinburgh, Leeds, UCL, and LSE, managing over £5bn.
These institutions challenge banks to terminate fossil fuel financing and request the creation of eco-friendly deposit accounts and money market funds.
Aligning with the IEA's net-zero scenario by 2050, the coalition commits to cease financing new fossil fuel projects beyond 2021. This groundbreaking move demands financial institutions to disclose their fossil fuel financing proportions and executive pay ties to targets, lobbying, and stewardship policies.
Reflecting a global trend, this divestment initiative emphasises the urgent need for sustainable banking practices. The impact extends beyond millions in initial investments to a goal of billions in eco-friendly financial products, challenging the traditional banking paradigm.
Let's share this transformative effort to inspire positive change!