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Cambridge donor BP urges college to maintain fossil gas investments

LONDON (Reuters) – BP (BP.L) Chief Executive Bob Dudley on Tuesday urged Cambridge University to not yield to strain from tons of of scholars and teachers to chop its investments in fossil fuels and pointed to BP’s donations to the college.

FILE PHOTO: BP’s Chief Executive Bob Dudley speaks to the media after year-end outcomes have been introduced on the vitality company’s headquarters in London February 1, 2011. REUTERS/Suzanne Plunkett/File Photo

“We donate and do a lot of research at Cambridge so I hope they come to their senses,” Dudley instructed the AIPN International Petroleum Summit.

BP didn’t instantly disclose how a lot it has been donating to the college.

In 2015/16 it gave grants value round 1.four million kilos, in response to Cambridge, and in 2000 a 22 million pound donation from BP helped to create the BP Institute for Multiphase Flow, which focuses on analysis in surfaces and particles and fluid dynamics.

Cambridge’s University Council is predicted to resolve inside weeks whether or not it should change its investments after years of campaigning by college students and teachers.

Last week, round 350 Cambridge teachers signed a letter to the college and its schools, which get pleasure from a sure diploma of independence from the college’s central administration, to excise fossil gas investments from the roughly 6.three billion kilos at their disposal.

“We … call on the university’s investment office to immediately freeze any new investments in fossil fuel companies, and to divest from direct ownership and any commingled funds that include fossil fuel public equities and corporate bonds within five years,” an open letter stated.

Signatories embrace chemist David King, who was Britain’s Special Representative for Climate Change till final 12 months following his seven-year stint because the government’s Chief Scientific Advisor.

Cambridge had no speedy response to Dudley’s feedback.

Activists within the Cambridge Zero Carbon Society stated they acquired a letter on Monday from vice-Chancellor Stephen Toope which acknowledged the college had a management position in understanding and tackling local weather change.

“The objective … is to promote and execute urgent and tangible action to deliver a carbon neutral future. The University is already taking steps that must be further expanded in the areas of its investments, research, education, estate and policy decisions,” Toope’s letter stated.

When requested about Dudley’s remark, a spokesman for the activist group stated “if the University is unable to divest its endowment in line with the democratic wishes of students and staff due to these threats, then there is no longer academic independence at Cambridge.”

The world’s high oil and fuel corporations are dealing with rising strain from buyers to shift to cleaner vitality and renewables so as to meet worldwide targets to sharply scale back carbon emissions by the tip of the century.

Dudley stated that BP was going to take a position round $500 million (358 million kilos) per 12 months in renewables within the coming years, however that the world will want oil and fuel “for many years to come.”

(This model of the story corrects spelling of identify in paragraphs 10, 11)

Reporting by Ron Bousso and Shadia Nasralla; Editing by Alexandra Hudson


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