The University of Cambridge will divest from all direct and indirect investments in fossil fuels by 2030 as part of the University’s plan to cut its greenhouse gas emissions to zero by 2038. The £3.5bn Cambridge University Endowment Fund will also increase its investment in renewable energy as more funds seek a green dividend and a cleaner conscience.

Announcing the move in his annual address to the University on Thursday, Professor Stephen Toope, vice-chancellor, said: “The University is responding comprehensively to a pressing environmental and moral need for action with an historic announcement that demonstrates our determination to seek solutions to the climate crisis. We will approach with renewed confidence our collaborations with government, industry and research partners around the world as together we work for a zero-carbon future.”

The University Council endorsed the strategy to position Cambridge as a leader in research into practical and scientific climate solutions, an investor pressing for sustainable long-term portfolio management and an adviser to industry and government on climate policy.

The University also announced that all research funding and other donations will from now on be scrutinised to ensure that the donor can demonstrate compatibility with the University’s objectives on cutting greenhouse gas emissions before any funding is accepted.

The funds investment office will work with groups Cambridge Zero and the Cambridge Institute for Sustainability Leadership to offer external fund managers access to high quality research and advice on sustainable finance, starting with its partners who collectively have more than $250bn under management.

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