Guardian Media Group DIVESTING From Fossil Fuels- Reallocating Funds To More Sustainable Investments

[kpete]

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The corporate world is increasingly waking up to its responsibilities when it comes to investments in fossil fuels or other industries threatening the environment.

Guardian Media Group is no exception. The board, which I chair, recently signed up to the UN-backed Principles for Responsible Investment initiative. This week, it has taken a bold decision to go further: to step up engagement with fund managers on critical topics, including climate change; to increase our exposure to environmental, social and governance (ESG) managers; and, in the medium term, to divest from fossil fuels. These initiatives will ensure that the company behind the Guardian, the Observer and theguardian.com will adopt investment policies that formally recognise the importance of ESG factors in improving overall sustainability.

All of these issues will no doubt surface at the UN climate change summit in Paris in December. But we cannot wait for exhortations from an inter-governmental meeting before making the right choices concerning our £800m investment portfolio.

We are not doing this because it makes good headlines. We are doing it because it makes good business sense
Editorially, the Guardian has led the way in highlighting the threat posed by global warming. Our award-winning journalism, reaching an international audience of millions, has helped set the agenda on the dangers of unrestrained fossil fuel extraction.

Following an independent review, the board of Guardian Media Group has now begun reallocating our £800m of funds to more sustainable investments. As the world’s biggest single fund to divest from fossil fuels we will encourage other businesses to follow suit.

MORE:
http://www.theguardian.com/commentisfree/2015/apr/01/guardian-media-group-divesting-fossil-fuels

[jwirr]

1. Hopefully this will catch on.