Dundee University has removed investments from companies that produce fossil fuels four years ahead of schedule.
The move comes less than 12 months after the institution announced its plan to do so.
Half of the university’s managed investments have been moved to a sustainable investment portfolio.
The remaining half will be transferred before the end of the month.
The university announced in November 2020 that it intended to end this investment within five years.
University’s ethical investment policy
University principal and vice-chancellor Iain Gillespie, revealed details of how the portfolio – valued at around £29 million – is being invested.
He said: “We already have an ethical investment policy to ensure we are not knowingly investing in companies in conflict with our values.
“The move to a sustainable portfolio goes much further.
“It actively invests in organisations whose products and services enhance the future of our planet.
“These include projects to support nations struggling to recover from Covid-19 and to progress green energy projects in the developing world.”
Mr Gillespie said income is also helping students at the university.
He said over half – 54% – of the endowment student awards made recently have gone to students from the most deprived areas of Scotland.
Earlier this year, the University was ranked top in the UK, and fifth globally, for climate action in the 2021 edition of the Times higher education university impact rankings.
The table measures universities’ research on climate change and their use of energy.
It also looks at institutions’ preparations for dealing with the consequences of climate change.
‘Sustainability is at the heart of our mission’
The university continues to demonstrate environmental leadership throughout the city.
It has been a driver in the proposed Eden Project Dundee.
Mr Gillespie, who is also chair of the Dundee Climate Leadership Group, added: “Sustainability is at the heart of our mission to transform lives locally and globally,”
“Our divestment from fossil fuels is another significant sign of our commitment to making the world a better place.”