15 February 2024 
Joni Rhodes, BUFDG Project Manager
The University of Cambridge and over 50 fellow UK higher education institutions are launching a Request for Proposals (RfP) to move cash products towards banks and fund managers that are not financing fossil fuel expansion.
This initiative is spearheaded by University of Cambridge CFO Anthony Odgers, Head of Group Treasury Heather Davis, and Anthony's Special Adviser on Responsible Investment, Dr Ellen Quigley.
The purpose of this work is to incentivise banking and fund management institutions to make positive moves towards avoiding contributing primary market financing to firms that are engaging in fossil fuel expansion. The hope is to encourage policy and practical changes, enabling the H E sector to contribute directly to climate change mitigation through influence or 'handprint', and reducing the need to switch away from existing banking arrangements.
The RfP regarding cash products is intended to provide a 'carrot' for banks and fund managers that might consider phasing out primary market financing of companies that are investing in projects (e.g. new fossil fuel power stations) that “lock in” long term demand. It is a two-phase RfP; in the first round, the focus is on fossil fuel financing, and those that make it into the second round can then share information on product particulars.
The RfP was launched on 15th February, 2024, as reported in the Financial Times (£). A full list of the current signatories can be found here.
