Investments
The University of Sheffield holds no shares in any companies involved in the extraction of fossil fuels.

Our policy
We understand the damage the fossil fuel industry continues to do to our planet, and we are committed to investing our funds in a socially responsible way. The University’s Endowment Investment Policy seeks to eliminate exposure to activities causing explicit environmental harm by excluding companies that are classified as oil and gas producers (exploration for, drilling, production, refining, supply, distribution, and retail) or those that supply oil equipment, services, or distribution.
Our divestment from fossil fuel company shares was completed in 2019; we have held no investments in oil and gas companies since that time. Our portfolio also excludes companies that derive more than 5% of their revenue from thermal coal or the production of oil from tar sands.
In addition to fossil fuel divestment, the policy also excludes exposure to:
- manufacture of armaments (zero exposure to the manufacture of whole weapon systems, zero exposure to the manufacture of automatic and semi-automatic civilian firearms, zero exposure to revenues from the retail of civilian firearms, exclusion of companies where revenues exceed 10% from activities connected to weapon systems)
- the manufacture of tobacco products (zero exposure to companies that manufacture tobacco);
- the sale of tobacco products (where the investment is in companies that derive more than 10% of their revenue from selling tobacco products);
- the manufacture of non-pharmaceutical products that are being tested on animals for cosmetic or other non-medical purposes (zero exposure to non-medical testing in animals, with exceptions considered on a case by case basis where testing is required for product safety and no alternative method exists, where the company is AAALAC accredited, NIH assured, or MSCI deems it to have an appropriate testing policy and employs alternatives to animal testing)
At COP26 in November 2021, the University reaffirmed these commitments by becoming a founding signatory to a new declaration of climate expectations, outlining minimum climate commitments expected of its investment managers.
Our positive investments
As well as divesting from damaging industries, we are also exploring how our endowment investments can be used to support companies that have a positive impact. We ensure our investment managers actively consider and strive for the following ethical and sustainability criteria when choosing how to invest the University’s funds:
- Promotion of sustainability, good business ethics and good employment practices;
- Protection of the global environment, its climate and its biodiversity;
- Promotion of community investment;
- Promotion of international cooperation and an end to international conflict;
- Protection of human rights and equality;
- Sustainable provision and procurement of essential resources and services
In the 2023/24 academic year, 7.6% (£3.9 million) of the University’s Endowment was allocated to impactful investments. These include organisations such as:
- Charities Aid Foundation
- Renewables Infrastructure Group
- Golden Lane Housing Charity
- Octopus Renewable Infrastructure Fund
- Affordable Housing - Housing Finance Corp
- Greenko Solar & Wind
- Hydro One
- Brookfield Renewable Partners
These investments reflect our broader commitment to supporting companies and initiatives that align with our values.
Further information on our positive impact investments can be found in our Annual Impact Report (PDF).
Our performance
We completed full divestment from fossil fuel companies in 2019. Since then, our Endowment has maintained zero exposure to oil and gas investments.
We also recognise that, for now, the world still relies on fossil fuels. This includes aspects of our operations, which cannot be solely powered by renewable sources of energy at present. We are committed to moving away from fossil fuels wherever possible.
Each year, we publish an Annual Impact Report (PDF) that provides information and transparency around the active investment approach taken by our investment managers as we strive to invest for a positive future.
At the same time, we remain focused on ensuring the financial sustainability of our Endowment, which supports a broad range of scholarships and bursaries across the University. We must ensure that our investments continue to generate sufficient revenue to meet the specific purposes for which the funding was given to the University and perform in a financially sustainable way.