Sydney university reduces investment in high carbon stocks
ANOTHER top-tier Australian university will sell off 20% of its carbon-heavy investments in a bid to reduce its income reliance on profits from non-renewable resources.
The University of Sydney will not divest its portfolio of all mining stocks, but it has asked its fund managers to reduce its investment in listed stocks reliant on high carbon emissions.
It follows a similar and controversial move by the Australian National University to sell down its mining interest.
The University of Sydney's move follows a review of its investments.
It rejected selling all its interest in fossil fuel companies. Instead, it decided on a 20% reduction target over three years. The review noted some companies were committed to renewable energy and reliant on fossil fuels, while others were heavy carbon emitters but not miners.
The university's operations vice-principal Sara Watts said it balanced its interests to get a return on investments with its "desire" to address climate change.