Selwyn College has committed to removing all “meaningful” indirect investments in fossil fuel companies by the end of this year.

The college has previously removed its direct investments in the industry, and in February this year, it announced that it would “intensify” its investment policy, reducing the threshold of its investment in funds with fossil fuel holdings from 5% to 1% by the end of 2022.

But the college announced in a press release today that it had moved forward the targets it had previously set, as well as committing to make no further indirect investments in fossil fuel companies in the future. It will have less than 0.5% indirect investments by the end of 2021.

The college has urged the Cambridge University Endowment Fund, in which it has a “small investment”, to accelerate its current pledge to remove its investments in fossil fuel companies by 2030.

Selwyn also added in a press release that, going forward, the College will make it an “objective to increase the proportion of its investment portfolio year-on-year in companies and funds which support the transition to a low carbon economy, over and above investments already made.” It will also use its voting power to support this policy.

Roger Mosey, the Master of Selwyn College, told Varsity that this policy represents one of the “fastest-paced full divestments in the sector.”

He added: “At Selwyn we were one of the earliest colleges to divest from arms and tobacco, and also one of the early colleges to shed our direct investment in fossil fuels. This final step is being achieved by the end of this year, which is well ahead of our original planning.”

President of Selwyn JCR, Issy Roberts told Varsity that today is an “exciting day for students and staff who have worked hard together over several years to reach this monumental achievement.”

She added: “We are delighted that, after years of working with staff on this issue, Selwyn College has committed to full divestment, accompanied by other robust climate-positive policies. Such an achievement is a testament to students’ power to achieve significant change.She continued: “In the week of COP 26, this decision is timely and reflects the urgency of the crisis and the lack of adequate action thus far.” Roberts also urged other colleges to “follow in Selwyn’s footsteps” and divest “immediately”: “We are committed to continuing to work with Selwyn to make sure that this is just the start of many positive actions taken to normalise and ensure sustainable, and climate just, practices.”