LONDON (Reuters) - Guardian Media Group (GMG) said on Wednesday it would sell all the fossil fuel assets held in its 800 million pounds ($1.2 billion) investment fund as the UK media company looks to boost its sustainable investing.
The GMG would look to divest over the medium term, and is the largest fund to-date to announce a complete exit from all oil, coal and gas firms, chairman Neil Berkett said in an article in the firm’s Guardian newspaper explaining the move.
“We are not doing this because it makes good headlines. We are doing it because it makes good business sense,” Berkett said. “GMG can prudently work towards allocating more funds to socially responsible investments without jeopardising our overall returns.”
The Guardian is leading a campaign to get large investors to shed fossil fuel investments from their portfolios as part of efforts to fight climate change.($1 = 0.6744 British Pounds)
Reporting by Simon Jessop; Editing by Nishant Kumar