The Cheese Grater has got hold of UCLs current investment portfolio, and it appears that recent campaigns to stem profits from fossil fuels have had little effect. In total over £145mof UCLs £219m portfoliois directly invested in energy companics. While this is only around 7%, it does mark an increase in the number of energy companies invested in since this time last year.
Fossil Free UCL, part of a national cam- paign to encourage universities to divest themselves from reliance on fossil fuels, has repeatedly appealed to Provost Michael Ar- thur to stop supporting companies which are damaging to the environment. In October, Professor Arthur admitted that he didnt know how much of UCLs investments went into energy companies, but indicated that ‘if it is a very small percentage and wouldn't cost us much’ then maybe UCL could divest entircly.
The 7% investment represents millions of pounds’ worth of safe investments, which could give the accountants more sway than Arthur’s principles. A spokesperson for UCL told The Cheese Grater that “‘UCL does not have a large proportion invested in energy companics, and we have a diverse portfolio spread across many sectors, suggesting that there are no immediate plans to move away from the energy sector.
At present, any controversial investments can be referred to the Ethical Investments Review Committee, made up of UCL Council members, academics and the Ethics, Environment and Operations Officer. This Committee doesn’t review every investment, however, only meeting when there is a specif- ic complaint submitted. Unsurprisingly, this is rare, although last month Fossil Free UCL submitted an in-depth criticism of the Col- lege’s involvement in the energy sector.
The review highlighted the extent to which UCL profits from companies such as Cairn Energy, which has had its unsuccessful oil drilling in Greenland both reviewed by parliament and criticised by Greenpeace. It also worked out that there is a further £6.6m held in gas, oil and coal indirecdly through banks and holding companies. The Review Committee is still to discuss the document, and when The Cheese Grater asked no date had been set for the meeting.
As well as Cairn Energy, UCL also has over £1m invested in Glencore Xstrata, which has been accused ofbreakingUN em- bargoes to profit from despotic and violent regimes such as that in Democratic Republic of Congo.
It’s not all bad news though: UCL also funds fascist-turned-family-friendly-anima- tor Disney, and purveyors of greasy, animal- welfare-free delight KFC and Pizza Hut.