The National Trust, an organisation focusing on the conservation of heritage sites, has announced it will divest from all fossil fuel companies within the next three years.
The charity’s current investment portfolio consists of 4% going towards fossil fuel firms.
The organisation has previously established that it would not invest directly in companies that derive more than 10% of their turnover from the extraction of thermal coal or oil from oil sands.
“Returns from our investments are vital for helping us protect and care for special places across the nation,” stated Hilary McGrady, Director General of the National Trust.
The charity also aims to encourage firms it invests in to improve their sustainable practices, support more green startups, and establish a long-term goal to reduce carbon emissions.
“They enable us to look after the natural environment and keep our membership fees affordable to the millions of people who are part of our organisation,” commented Peter Vermeulen, Chief Financial Officer at the National Trust.
“The impacts of climate change pose the biggest long-term threat to the land and properties we care for and tackling this is a huge challenge for the whole nation.”
“We know our members and supporters are eager to see us do everything we can to protect and nurture the natural environment for future generations. This change is part of our ongoing commitment.”