Latest news by the National Trust suggest that it will sell off fossil shares from fuel companies. According to reports, National Trust has about 4% of £1bn stock market investment in fuel firms.
As reports suggest, the new development was part of the Trust’s decision to invest more in green start-ups and direct its efforts towards nature and environment conservation. In a statement, the Trust alleged that it had a timescale of three years for the change, and that most of its shares would be sold within a year’s time.
Previous reports suggest that the Trust had invested in firms that obtained less than 10% of turnover from the exercise of thermal coal or oil production from tar sands.
In a statement by the chief financial officer of the Trust, Peter Vermeulen, he said that the trust was trying to draw investment strategy in order to reduce carbon footprint. “Many organisations have been working hard to persuade fossil fuel companies to invest in green alternatives. These companies have made insufficient progress and now we have decided to divest from fossil fuel companies. We would not expect this divestment to have a negative effect on financial returns and we know that our members and supporters are eager for us to play our part in tackling climate change through everything we do,” he said.
According to reports, the trust has examined its carbon footprint in investment portfolio over a period of six months. Moreover, as per the trust’s regulations, the investment managers of the trust were signatories of the United Nations Principles for Responsible Investment.
The National Trust is a charity organization responsible for governing environmental and natural heritage sites in England, Wales and Northern Ireland. The governing body has more than 60,000 volunteers and about 5.2 million members. Moreover, as part of its work plan, the Trust controls 248,000 hectares of land, about 500 historic buildings and parks across its regions.