National Trust takes a significant step in order to combat global climate crisis by disinvesting its investment fund, worth £1billion, in fossil fuels. UK based charitable organization recently announced that it would sell all of its shares related to fossil fuels.
National Trust, with around five million members, is not only Britain’s but Europe’s largest conservation charity. It takes care of 780 miles (1,250km) of coastline, 248,000 hectares (612,000 acres) of land and over 500 historic houses, monuments, castles and parks.
The company said that it would pull out of most of its investments in fossil fuels within a year’s time and entirely over the period of next three years. It wants to move away from non-renewable sources of energy and aims at promoting eco-friendly and sustainable alternatives to oil, gas and coal.
The charity said that it would also continue to reduce the carbon footprint of its remaining portfolio, which was not directly invested in fossil fuels. It is exploring opportunities to support green business initiatives.
Hilary McGrady, director general of the National Trust, said that the revenue generated from the fossil fuel investment fund was a vital source of income for the organizations but the threat which global warming poses at the Earth needs to be addressed on urgent basis.
McGrady made an announcement on Wednesday saying, “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.”
The Trust has been gradually moving towards sustainable energy options. In 2015, the Trust made public that it would not make direct investment in any company that “derive more than 10% of their turnover from the extraction of thermal coal or oil from oil sands”.
Climate change has taken a centre stage in policy formulation, in both private and government enterprises. Norway’s national oil fund has turned its focus back on renewable energy. Owing to the strong public pressure building across continent, about two-thirds of the UK’s university pension funds, as well as other public pension funds, have also moved away from fossil fuels, the recent being Cambridge University’s divestment plan.