Climate crisis: Wellcome has failed to set a clear red line for the fossil fuel industry

The Wellcome Trust has taken the decision to stop investing in a number of fossil fuel companies, which is certainly great news. In 2015 the Guardian and Medact launched a call for the Wellcome Trust to divest from its fossil fuel investments.1 Despite a high profile campaign involving major voices from the fields of public and global health, Wellcome refused to divest and instead pursued a strategy of shareholder engagement, in fact increasing the amount of money it invested in fossil fuels the following year.2Wellcome claimed that it would be able to use its institutional clout as an investor to force big fossil fuel companies to change their act and join the clean energy transition. This recent decision to stop investing shows us that the strategy simply did not work, and as such Wellcome has taken a bold and necessary step in deciding to pull its investments from these companies.3However,…
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