Using their influence and capital, universities have a significant role to play in the transition toward a net zero economy. We are proud to join other UK universities to support the Cambridge request for proposals for net zero-aligned banking products. Edinburgh has joined 60 other higher education institutions and trusts to issue a Request for Proposals to financial institutions to invest in products with no ties to fossil fuel expansion. The Request for Proposals aims to redirect financial investments to the construction of renewables and accelerate energy transition away from new oil, coal or gas projects. The extraction and burning of fossil fuels is a major cause of climate change, with banking playing a key role in financing fossil fuel production. A large majority of primary financing of fossil fuels comes from debt Ð from sources such as bank loans and bonds. A Request for Proposals (RFP) is a document from an organisation or group of organisations that outlines a project and asks for bids from prospective vendors that match a set of evaluation criteria. This one will solicit proposals from banks and fund managers for cash products, such as deposits and money market funds, that do not support companies engaging in fossil fuel expansion. The joined-up approach emphasises the collective efforts higher education institutions can take to influence other sectors, including the financial sector, to change their behaviours and help combat climate change. The RFP has been issued by the University of Cambridge, with the responses from banks and fund managers to be reviewed by any, or all, of the signatory institutions. Alongside the University of Edinburgh, other institutions signed up include the Universities of Oxford, Leeds, Bristol and University College London. More information: Universities join forces on greener financial products Supports Sustainable Development Goals: 12. Responsible consumption and production 13. Climate Action 17. Partnerships for the Goals This article was published on 2025-01-23
