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Edinburgh Univ teams up with 60 other institutions to accelerate investments in energy transition
Edinburgh University has teamed up with 60 other higher education institutions to issue a Request for Proposals (RFP) to financial institutions to invest in products with no ties to fossil fuel expansion, thus backing Cambridge RFP for net zero-aligned banking products.
The Request for Proposals aims to redirect financial investments to the construction of renewables and accelerate energy transition away from new oil, coal or gas projects.
A Request for Proposals (RFP) is a document from an organization or group of organizations that outlines a project and asks for bids from prospective vendors that match a set of evaluation criteria.
It will solicit proposals from banks and fund managers for cash products, such as deposits and money market funds, that do not support companies engaging in fossil fuel expansion.
The joined-up approach emphasizes the collective efforts higher education institutions can take to influence other sectors – including the financial sector – to change their behaviors and help combat climate change.
The RFP has been issued by the University of Cambridge, with the responses from banks and fund managers to be reviewed by any – or all – of the signatory institutions.
Alongside the University of Edinburgh, other institutions signed up include the Universities of Oxford, Leeds, Bristol and University College London.
The extraction and burning of fossil fuels is a major cause of climate change, with banking playing a key role in financing fossil fuel production.
A large majority of primary financing of fossil fuels comes from debt – from sources such as bank loans and bonds.
While responsible investment is already more mainstream, the RFP will accelerate efforts by channeling money into energy transition away from fossil fuels, particularly in areas where finance is a key constraint for growth, such as in low-income countries.
“As one of the first UK universities to complete divestment from fossil fuels, we are pleased to support this opportunity for banks and asset managers to put forward cash and money-market banking products that avoid the financing of fossil fuel expansion,” said Lee Hamill, Director of Finance, the University of Edinburgh.
“Using their influence and capital, universities have a significant role to play in the transition toward a net zero economy. We are proud to join other UK universities to support the Cambridge request for proposals for net zero-aligned banking products,” said Dave Gorman, Director of the Department of Social Responsibility and Sustainability, the University of Edinburgh.
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