Jeremy Farrar, director of the Wellcome Trust, rejects Guardian’s call to divest from fossil fuels. He writes:
“We agree that substantially reducing carbon emissions is necessary if we are to restrict global warming to 2C. We agree that fossil fuel producers have responsibilities to society that could often be better fulfilled. This is especially important to us because of our long-term approach to making investments. We agree that investors should consider environmental issues and journalists have every right to challenge us.
We do not agree, however, that the strongest contribution the trust can make to a decarbonised economy is a commitment to avoid investing in a list of 200 fossil-fuel companies.
It is more constructive and effective to take a case-by-case approach to investments in the energy sector."