Cambridge University withdraws hundreds of millions of pounds from fossil fuel industry financing; Barclays, HSBC and others face deposit outflows
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(1) The University of Cambridge is withdrawing hundreds of millions of pounds from financial institutions that provide financing to the fossil fuel industry, causing local banks such as Barclays and HSBC Holdings to face deposit outflows. (2) The university has already moved £135 million in cash and money market investments from mainstream large commercial banks to domestic building societies and other smaller financial institutions. (3) The University of Cambridge is continuously encouraging major UK universities to distance themselves from banks supporting the expansion of the fossil fuel industry, and more funds will be transferred in the future.
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